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Credit Derivative Strategies: New Thinking on Managing Risk and Return by Rohan Douglas

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CHAPTER 2
Distressed Debt Strategies
STEVEN D. PERSKY
 
 
 
Distressed investing is an investment strategy that is inherently opportunistic. Distress is an unstable characteristic. Companies, industries, and countries generally do not remain distressed for long periods of time. Typically, a series of circumstances will combine to cause distress, and over time the problems are addressed and resolved so that the distressed entity either liquidates or recovers. Consequently, distressed investors need to adapt to changing circumstances so that they can profit from new distressed opportunities as they occur.
The most lucrative distressed opportunities arise when, prior to the distressed event, there has never been a high yield/distressed market for ...

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