Distressed
12 interviews, newest first.
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Fall 2022
Jacob Rubin
Philosophy Capital
Philosophy goes long and short across the capital structure. Jacob tells the Atlas Air and Bombardier stories, and how Avaya's converts jumped to 95 and then went wrong a couple of weeks later.
Special situationsDistressedShort selling -
Fall 2020
Ray Kennedy
Hotchkis & Wiley
Ray runs Hotchkis's high-yield bond portfolios. He talks about buying credit in March 2020, what the Fed's support did to the market, and which pandemic-hit borrowers he thought would survive.
CreditDistressed -
Spring 2020
Mark Lee, John Hallowell & Greg Williams
Mountaineer Partners Management
Mark came from Contrarian Capital's distressed desk and started Mountaineer in 2012. The team reads EPA rules to size Ingevity's opportunity and explains why, after PG&E filed for bankruptcy, they found the better bet in Clearway's equity.
Special situationsDistressedSpin-offs -
Winter 2020
Paul B. Kazarian
Japonica Partners
Paul went from corporate white knight in the 1980s to Fortune 500 CEO, and then became one of the largest holders of Greek government bonds, with $4 billion, during the euro crisis. He explains why he rejects the standard risk/return framework.
CreditDistressedInternational -
Winter 2019
Dov Gertzulin
DG Capital
Dov invests across the capital structure in mid-sized companies: distressed debt, post-reorg equities and other special situations. He covers the tech bubble, buying distressed debt in 2008, and Contura, Tropicana Entertainment and Twin River.
DistressedSpecial situationsCredit -
Winter 2016
Craig Effron
Scoggin Capital Management
Craig moved from commodities to stocks. He talks about managing risk, creative ways to express a thesis with limited downside, event-driven case studies, and the distressed credit he saw in Puerto Rico and energy.
Special situationsDistressedCredit -
Spring 2015
Harvey Sawikin
Firebird Management
Harvey went from M&A lawyer to frontier-markets investor in Russia and Eastern Europe. Ideas include Gazprom Neft and Bank of Georgia.
InternationalDistressed -
Winter 2013
Dan Krueger
Owl Creek Asset Management
Why distressed debt is Dan's favorite place to hunt, and how the math of averaging down can create very good risk-return setups.
DistressedCredit -
Fall 2011
Marty Whitman
Third Avenue Management
Third Avenue's founder and a CBS adjunct in distress investing on where he saw opportunity, how he values companies, and some of the firm's best investments.
DistressedDeep value -
Fall 2010
Steven Romick
FPA
'Finding conviction when others panic.' Steve explains the FPA Crescent Fund's free-range approach to capital, his preference for large international companies with pricing power, and the fund's move into distressed mortgages.
InternationalDistressed -
Fall 2009
Howard Marks
Oaktree Capital Management
Howard on starting at Citibank in its 'nifty fifty' years, why he disliked being director of research, and the philosophy behind Oaktree and his memos: do an excellent job at a few things.
CreditDistressedCareer advice -
Summer 2009
Steve Moyer
'The mother of distressed cycles.' Steve explains why the debt build-up made a wave of distress foreseeable, and what the cycle meant for value investors.
DistressedCredit