I Want to Learn About Distressed Debt Investing
I'm interested in learning about distressed corporate debt investing (like what Howard Marks does at Oaktree Capital).
Can anybody direct me to any resources that go over the process in identifying, analyzing, purchasing and profiting from such investments?
You can definitely search for this. There have been numerous discussions about books and websites to check for distressed debt.
Read. Moyer.
moyer
Moyer's book is fantastic, as stated previously.
Also check out Distressed-Debt-Investing.com which is a great resource for what's currently going on in the space along with some informative posts on different terms and example valuations.
If you have access to bloomberg I suggest looking at Bill Rochelle's daily distressed memo which has a couple paragraphs for a handful of the current bankruptcies going on.
Also as a side note Alpha Masters has an interesting profiles on Marc Lasry of Avenue Group that I think is worth checking out, shows how they built their business around distressed debt.
Let me know if you find anything else, I'm always interested in new stuff about distressed debt.
Downloaded a copy of the Moyer distressed debt analysis book, looks like it's come with some high recommendations. Thanks guys.
Did you find this for free? Amazon has it for like $80 unless I'm looking at the wrong one. Would also like a copy, heard great things.
http://uploading.com/files/get/0Y3ICGV2/ss08.rar
The book is well worth the $80. Pirating isn't cool.
SB'd. It will make you the $80 many times over.
okay cop
i got one from my school's library that i conveniently forgot to return ha.
www.distresseddebtinvestorsclub.com/ - you can get embargoed access to the investment ideas with the free account
Also discovered this gem - www.lcdcreditmarketnews.com/na/2012/10/ Not sure if its always free to get without an account, but I like reading the LCD Daily Wrap. It has also come in useful a few times for finding trading levels of less liquid term loans, etc.
Check out Distressed Investing by Marty Whitman.
Having read both Moyer and Whitman's books, I believe you should start with Moyer. They cover many of the same subjects, and it will be hard to force yourself through the second book when it feels like you are just re-reading the same material.
Anybody read the chess moves in moyer? I was visualizing but it seems 8. d5 is impossible. I played it out and there is ambiguity about 6. xc3 (bxc3 or dxc3) but either way its impossible.
Full sequence to that point is 1, c4, e6 2. Nc3, Bb4 3. Nf3, c5 4. e3, Nc6 5. Bd3, Bxc3 6.[b or d]xc3, d6 7. e4, e5 8. d5
best book for high yield bonds and distressed debt (Originally Posted: 10/19/2011)
Hi guys,
I've done a credit research internship at a BB this summer and have some basic ideas about distressed debt from reading Distressed Debt Analysis, but wanted to know more about the techniques of evaluating individual bonds. Any book/primer recommendations?
Thanks!
Check out distressed debt investing blog.
Also get a credit risk modelling book.
Curious as well.
I have http://www.Amazon.com/Leveraged-Financial-Markets-Comprehensive-Instruments/dp/0071746684/ref=sr_1_1?ie=UTF8&qid=1319030347&sr=8-1 on my Amazon wish list which I thought sounded relevant but I'm far from an expert in the space.
Also, per kraken's comment check out the distressed debt investing blog.
anything by Fabozzi
S&P LCD has good, free primers on High Yield and Lev Loans.
Like Unforseen said, Fabozzi is good. The Handbook of Fixed Income Securities doesn't go into too much depth on High Yield though. If you are interested, amazon has it in kindle format for cheap.
http://www.amazon.com/Corporate-Financial-Distress-Bankruptcy-Distresse…
is very good, but dry as hell. It's like Fabozzi in that respect. Most people would just use it as a reference, but it might help.
Books about distressed debt? (Originally Posted: 03/13/2015)
Hey Guys,
I'm really interested in learning more about distressed debt investing. In my mind it seems like you are giving money to someone who cant really afford to say no, which would give you insane leverage when negotiating terms. Right? Anyways it seems like a really cool subject, please post any books you would recommend to read about this.
Thanks!
search bar, use it.
"In my mind it seems like you are giving money to someone who cant really afford to say no"
Just so you know, like with everything, there are different "brands" of distressed debt investing. For example, buying a bond at 50 is not the same as providing rescue financing.
Distressed PE and distressed HF could have very different play - you could be at a PE fund looking for control or providing rescue financing, or you could be at a vulture fund that grasp the spread from distressed/stressed credits (like from 85 to 93 in 3 weeks are pretty awesome for HF). They way you conduct research would be similar: understanding the business/fiancials/cap structure, where is the problem etc, but the play when you put down capital is very different.
Moyer's distressed debt analysis is a good book to start, distressed-debt-investing.com is also a good place to read.
Moyer - Distressed Debt Analysis. Easy read and will give the basics.
I was just going to say "I will monkey poo anyone who responds with the book," but now I cant.
The answer would've been found by a simple google search or forum search. Additionally, this thread does not belong here and in the HF section.
Guy Distressed Debt after Moyer Distressed Debt are 2 solid options.
Afterwards I would get comfortable understanding the language in a credit document. Covenants, secured debt baskets, what they can and can't lien, change of control, etc.
I say that b/c before any real distressed investment, a buysider would go through every credit doc thoroughly and ensure they aren't getting screwed over aka making sure the document is "perfected" to what they have claims to. Then, they would buy/short different things in the capital structure based on their interpretation.
A perfect example is the Sabine/Forest Oil merger where there is a huge dispute between the change of control provisions aka some guys who bought in at 80c thinking the bonds would go to 105 when they get taken out are now sitting on bonds worth under 30c. Definitely an interesting situation...
Hey thanks for this! I was wondering do you work in distressed debt?
OP's vision of distressed debt investing: http://www.bloomberg.com/news/articles/2015-03-12/josh-sason-made-milli…
Conceptual Overview: http://www.cravath.com/files/Uploads/Documents/Publications/3234772_1.P… Entry Level: Stephen Moyer's Distressed Debt Analysis Advanced (definitely worth it if you have a grasp on the basics): The Art of Distressed M&A: Buying, Selling, and Financing Troubled Companies
both books are worth the money, although i felt Moyer's book didn't delve into any of the case law and was too high-level to gain a deeper understand as to why individual legal concepts are important in the context of a bankruptcy
My understanding of the Sabine / Forest merger is not that the language in the credit docs was particularly weak, but rather that the structure of the transaction was changed so that it would work AROUND the Change of Control... which I guess you could say means that the guy who bought at 80c didn't read carefully enough, or you could say that a transaction structure that gives 51%+ economic interest but only 49% voting interest just to avoid triggering a Change of Control is an unusual structure that very few people anticipated.
In any case, Whitman's "Distress Investing" is supposed to be fairly good too - disclaimer: I'm reading through now, haven't gotten very far yet, but have gotten strong reviews from others.
Distressed Debt Investing (Real Estate) (Originally Posted: 09/19/2015)
Using debt to invest in real estate has evolved over the last 30 years, and significantly changed after the subprime mortgage crisis, when more stringent regulations were introduced into the system. Looking back at different WSO Real Estate topics, there are a lot of posts regarding financing, debt strategy teams, functions, other general questions. I thought it would be helpful to share my perspective on distressed debt and open it up for others that probably know more about it than I do.
Distressed debt investing is basically filling a gap in the capital structure, typically in a time-sensitive environment. The reasons for this can vary, but the simplest example would be a loan maturation, where ownership is unable to do a standard refinancing. It gets significantly more complicated at a portfolio/company level, so I detailed out a single-asset investment example below.
Our friend Gob buys an Orange County office building for $20 million in 2007 and obtains a 70% LTV financing from Banana Stand Bank (BSB), interest only, for 5 years. In 2012, the $14 million note is due but thanks to increased vacancy and arson in the area, the office building is only worth $15 million now. He’s made a huge mistake.
The proposed refinancing from BSB is capped at 60% LTV of the new value, or $9 million, meaning he would need another $5 million to pay the original loan maturing. This is the gap in the capital structure we’ll need to fill.
One option is that Gob could sell the property for $15 million, pay back BSB the $14 million he owes, and take a $5 million loss on his equity. No Bueno. This equates into thousands of tricks turned by Franklin, or even more trips to people’s cars.
There are a few options to fill the gap between the loan coming due ($14 MM) and the offered refinancing ($9 MM), ranging from equity (riskiest) to an A/B note (least risky)
Equity: A capital contribution to the borrower (Gob) in exchange for an equity share in the borrowing entity, which could be a single-purchase-entity (referred to as a SPE) or part a larger company. Because this is the “riskiest” type of capital provided, the returns (IRR) should reflect that being higher. The upside for equity is effectively unlimited, because one would participate in all future appreciation. The equity also receives excess cash flow after paying the debt service. In our example, Lindsay gives Gob $1 million for 30% of the equity ownership. Lindsay would get 30% of extra cash from the property, and 30% of the resale value, after loan payments. Note this is still a good deal for Gob, as he only has $1 million of equity in the office building, BSB owns 14 out of the 15 million in existing value. Nice math, Lindsay.
Preferred Equity: Pref Equity receives cash flow before Common Equity (Lindsay) until the equity is repaid plus an agreed upon return, but Pref Equity holders typically do not have voting rights. We’ll make this simpler for our example. Tobias gets a severance package from the Blue Man Group for $1 million, which he gives to Gob for 20% of the ownership, in addition to a 5% annual dividend on his investment. The 5% payment would be senior to Lindsay and Gob's equity share of the cash flow. Tobias also would receive 20% of the available cash flows after debt service, similar to Lindsay’s 30%.
Mezzanine: Effectively a blend of equity and debt, this is loan that can be converted to equity in the event of a default, and potentially take control of the property. The fine print is very important here to avoid punitive covenants. Lucille ponies up $1 million in the form of a mezzanine note and prepares for future blunders. As this is still a risky investment, Lucille’s interest rate charged is 15%, or $150K per year. Because Lucille has never cared for Gob, she includes language that the interest accrued of $150K per year can be added into the principal ($1.0 MM), and a clause that stipulates full equity ownership transfer in a default, or if the principal reaches $2.5 MM (arbitrary example). If Gob choose to pay Lucille annually, she will receive her $150K annual payment before Tobias and Lindsay.
A/B Notes: For anyone familiar with first mortgages, or standard financing, this is similar, but divided into two, sometimes three, tranches, with the B-Note subordinate to the A-Note (i.e., the A-Note is paid first). As the B-Note has lower priority, it is a more risky investment than A, and will command a higher interest rate. Similar to a first mortgage, A notes are secured against the office building, and has the highest payment priority if Gob defaults. Michael is aware of Gob’s ineptitude, but needs a place to hide the funds from Saddam, so he loans Gob the remaining $2 million needed to maintain ownership of the office building. For his trouble, Michael receives 7% per year, interest-only. What have we always said comes first? Family. Except for this one time. Michael’s 7% interest gets paid before anyone else in the Bluth capital stack.
For this example we’ll leave out CMBS/Conduits as it would quickly get messy. But imagine if Michael sold his 7% annuity to an investment bank, the IB turns and partitions it out to different investors based on risk/return, thus removing it from the balance sheet.
To sum up- Banana Stand Bank, Original Loan: $14 million owed – Gob needs this amount or he’ll have to sell the property at a loss.
Available Refinance from BSB: $9 million (same bank will give another loan, but only at 60% of the property’s current value) Equity: $1 million from Lindsay Preferred Equity: $1 million from Tobias Mezzanine Debt: $1 million from Lucille A-Note: $2 million from Michael
Gob takes the $5 million from his functional, loving family and refinances from BSB to pay the maturing note of $14 million. Three years later in 2015, the office market in the OC (don’t call it that), has fully rebounded. Occupancy and rents have never been higher and Gob sells the building for $30 million.
Who gets paid what, and in what order?
We’ve now repaid all the debt service – the bank note, A-Loan, and Mezzanine – for a total of $13 million, leaving $17 million in profit for the equity holders.
Hope this was helpful. I spent way more time thinking about different Arrested jokes so let me know if my math/calcs are off. All this is just from my limited experience, so definitely interested in other perspectives.
GP
You would owe Lucille 1.5 million if you allowed her interest to compound. Subsequently, the preferred equity, Linsay and Gob's split would go down proportionally.
The only other thing you need to keep in mind is that to setup this kind of structure (A/B/Mezz/Preferred Equity/Equity), the documents of the A have to allow for it. Many senior lenders prohibit subordinate financing unless they approve it (especially Mezz). So they may not allow Michael and Lucille to become part of the structure (or at least record their lein against the property/borrowing entity).
Proceeding with this structure without without the A's permission (BSB), is generally considered an EOD and can trigger the recourse carve out language.
Good point that Senior Loans have to allow for each additional layer. Not many banks would allow this, but it's easier to fit all of them in one post.
In this example Lucille's mezzanine was structured as debt unless there was a default, and I didn't want to list out of the different ways Gob could have defaulted. Short version is that there was no conversion to equity.
I don't follow your math for Lucille's final balance. 15% per year, compounded annually, would look like:
Year 1 Beginning of Period (BOP): $1.00 MM Interest: $0.150 MM End of Period (EOP): $1.15 MM
Year 2 BOP: $1.15 MM Interest: $0.173 MM EOP: $1.32 MM
Year 3 BOP: $1.32 MM Interest: $0.20 MM EOP: $1.52 MM
Year 4 BOP: $1.52 MM Interest: $0.23 MM EOP: $1.75 MM
Year 5 BOP: $1.75 MM Interest: $0.26 MM EOP: $2.01 MM
There's always money in the banana stand. If GOB had known that, his situation would've been quite different.
Or he would've ended up in jail where the NO TOUCHING rule is in full effect.
Great post, just think its misleading to call Michael's loan an A note. First of all, it isn't clear what his note is secured by, if anything? It seems to me that it's an unsecured loan...
If BSB originated the whole loan and split it up, it would be a A-Note of 9M and a B-Note 2M. If Michael's loan was secured by the property, it would be a second mortgage. If it was secured by the SPE borrower's interests, it would be a mezzanine loan. From the example above it seems like an unsecured loan, with recourse directly to Gob.
Good point, for this example I was thinking it was secured against the property, so a B-note that is subordinate to the $9M loan from BSB
BUMPing this cause it's still such gold.
This is a great post. Thanks for putting it together.
Sb'd. Thank you so much for the example. Reading this ~4.5 years later and it's fantastic
This is awesome. Huge thanks, SB'd.
Distressed debt materials (Originally Posted: 03/02/2010)
Thanks a lot for giving me advice and helping me in navigate my career path in this very tough SA recruitment process. As a rising junior, I am going to start a 2010 summer analyst with a small to medium size distressed debt shop. I would like to get suggestions in finding the material that I should be going through before I start the summer gig. Again thanking the supportive folks who have provided valuable insight either in private PMs or through emails. Thanks a lot.
It's "distressed," not "stressed"
Look at:
-> http://www.amazon.com/Distressed-Debt-Analysis-Strategies-Speculative/d…
-> http://www.distressed-debt-investing.com/
I suggest you read the book the previous poster recommended. It will give you a very good intro.
I'm appalled you got a job and can't even get the name of the sector right.
hahahaha distressed debt, lol :)
Thanks guys
brisbane
It helps to be a girl :)
drexelalum11, themacroguy,
Thanks for the links. I would appreciate any other reading material suggestions you might have for me.
Distressed Debt Trading: more insight? (Originally Posted: 01/02/2011)
I'm interested in learning about these aspects of distressed debt trading, and would also appreciate any additional insights you can offer:
-quantitative requirements -how it differs from IG bond trading -how much of distressed trading can be done by algo systems -how illiquid, if we are talking about EM distressed assets -any other insights
Thank you, any insights are welcome and appreciated.
Thanks Omoba for the quick response, this is very helpful.
Here's a blog I've found interesting: http://www.distressed-debt-investing.com/
if you're working at a bank right now, may want to see if you can get access to LCD or something like that to get tied into the info loop...
extremely qualitative product, think pouring over financial reports
Anyone know what the "LCD" that brenai referred to stands for?
lcd = S&P Leveraged Commentary & Data (lcdcomps.com). it's a site that publishes news on leveraged loan and high yield transactions (and related restructuring and distressed situations).
-Quantitative requirements: not really -Differences from IG: completely different; do your homework before posting -Algo trading: this is the most qualitative product on the street, are you kidding -EM distressed is as illiquid as they come; most distressed traders stay away though because of ill-defined bankruptcy laws
x
thanks for all the helpful responses guys.
dont forget to thank the unhelpful responders too. share the love, bro
Distressed debt - Some info about what goes on? (Originally Posted: 04/22/2008)
Can anyone share some information about what goes on in this desk? Also, what are bonuses like in this desk? Is it a good place to be right now?
From what I've heard, it seems to be a good area right now,and a good up and coming area
Hopefully someone else can expand this discussion to distressed funds
at a sell side bank there is distressed research (generally dont publish- help support trading desk/come up w prop ideas), distressed traders and distressed salesmen
lot less flow than a HG or HY desk, still market making but a lot of prop/fundamental analysis
great place to be right now IMO as the market is certainly entering a recession/distressed cycle
bonuses really depend on the year/performance, cant generalize
if you have the opportunity to work on a sell side distressed desk/buy side distressed fund, jump at it
im sure some of the HF guys can provide more color
What's your view on distress investing? (Originally Posted: 01/22/2013)
It seems there has been a rush into distress investing lately. Is it a long term trend, or a short term fad? One can argue that with many large financial institutions, notably banks, are required by new regulations to dispose a lot of distress assets, there are regulatory arbitrage opportunities in this this area. But one can also argue that with so many players rushing into this market, whatever the regulatory arbitrage opportunities that once existed have already disappeared.
On the career side, is this the time to get into this area? Or is it already building up a large pool of such talents, which down the road may result in large scale layoffs at some point, just like the MBS a few years ago?
In 20 years will FB exist? Possibly. In 20 years will companies be going bankrupt and restructuring? YES.
Get a copy of "The Vulture Investors". You might fall in love too.
This "phenomena" you describe is really nothing new. It isn't a long term trend or a fad, distress investing is cyclical. We are at a point in the cycle where there are a number of distressed cases. This isn't something that you just gravitate towards because you heard about it on WSO...plenty of Value-oriented shops/distressed-focused have already been playing in the "distressed world." Shops are not opening up by the thousand to capitalize on this new world of distress investing as your post seems to imply.
Crash Course on Debt Investing? (Originally Posted: 09/21/2014)
I have an interview with one of the major ratings agency coming up for an entry level position in about a week. I've been trading stocks since I was 10, so talking about stocks comes much more naturally. As far as bonds go, I only know what I've learned in school. Any advice on what I should do prepare? I've already changed my CFA level 1 study schedule around to spend the next week studying only the fixed income section.
Anyone have a list of terms I should be familiar with or a book recommendation that is shorter than 500 pages? I already have Distressed Debt Analysis but that seems like overkill for an entry level position dealing investment grade bonds.
You should spent at least as much time practicing behavioral questions.
Read this: https://www.lcdcomps.com/d/pdf/LoanMarketguide.pdf
If you have more time, read this http://www.amazon.com/gp/product/0071746684/ref=pd_lpo_sbs_dp_ss_3?pf_r…
My recommendations are more useful for the sub-investment grade leveraged loan market rather than investment grade. Do you know if you're applying for a job at rating investment grade or leveraged loans/high yield?
Not sure yet, but my sources tell me they're looking for someone in the consumer goods group, which is typically AAA rated stuff.
There are a good number of LBOs in the consumer goods sector as well. In any case, a lot of the concepts in the leveraged loan/high yield space are not significantly different to the investment grade space.
I recommend you read through the Loan Market Guide on the LCD website.
Thanks for the info.
IG bonds. Probably going to want to know market pricing, whats being issues, different types of bonds, etc. LCD is a great resource. I believe it is Moody's or S&P which does a weekly market update and talks about what they are seeing in the market.
I'd probably pull a 10k and look at the capital structure and get an idea of how it looks, maturity cliffs companies face, stuff like that.
You should be ready to explain why pikachu is a superior choice for starting pokemon over squirtle.
I got that covered. If they ask me about my greatest failure, should I talk about "The Red Gyaradose Incident"?
And thanks again for the tips guys.Focus on the Downside was a great read.
there is a post on wso called "focus on the downside". Google it, good basic overview.
Questions on distressed investing (Originally Posted: 07/20/2015)
Hi all,
I've researched quite a bit on distressed investing on the forum and elsewhere, but have a few questions that I would like to clarify:
I hope this is also useful to some other people interested in distressed investing. My background is M&A in Continental Europe (Tier 2 bank) and ideally would end up on the buy-side in the distressed space.
Thank you.
Not sure I really understand the question as distressed investing (in practice) necessarily involves a mix of public and private situations/information. But if you're asking whether one can move from distressed to purely public HY or equity investing, yes.
Minimal to no importance, and nobody would expect you to have any personal investments in distressed assets (unless they were healthy before you bought them, but that wouldn't be good for you). Distressed is not a game for private investors unless they are ultra, ultra-high net worth (ie family offices like Icahn) -- it requires a very large amount of resources to do properly since you need to be able to try and influence outcomes if things aren't going your way. (Moreover, unless you are a QIB you will not even have access to most situations.) All that said, you should know what is going on in the market enough to speak somewhat intelligently about at least a couple names if they come up.
Yes, they are not very different in terms of framing an investment, in my opinion.
In my op I think distressed investing is the ultimate form or an extreme form of value investing. It's a very long-term, methodological investment thesis that could take many months to years to play out. There's a lot of due diligence and understanding of legal framework. Understanding the key players and motives of each creditor group is EXTREMELY important. There is some game theory elements in any super distressed asset.
In my op, the work may not always been as exciting, but there is a lot of analysis. Not exciting is referring to reading credit/legal documents. It's an interesting space to look into though. Not for the faint-hearted.
You should probably ask if the fund is loan-to-own vulture fund or a more timid distressed player as well. Different distressed funds have different strategies and investment processes. I'm actually surprised there hasn't been a huge inflow of DIP financing distressed players given that many of the banks are exiting the space due to regulation.
Distressed Investing - Interest in counter-cyclical investing (Originally Posted: 09/23/2008)
Hey guys, I have been seeing some interest in counter-cyclical investing like distressed investing.
http://dealbook.blogs.nytimes.com/2008/09/17/distressed-investor-sees-p…
Does anyone out there have a sense of what the "good" shops are? What shops would you want to work for out of undergrad? Out of 2 years banking?
Thanks
Also, what about Alternative Investment places within the banks? like MS alternative investments...
My friend just went from Goldman to Silver Point Capital. They're a solid shop that invests in distressed debt in order to convert to equity. It's cool beacuse it's like a hedge fund and a PE shop in one.
Distressed Debt Investing - Active? (Originally Posted: 11/16/2009)
Has anyone been active in Distressed debit investing such as buying mortgage securities pre-foreclosure from banks, mortgage holders, investment funds, etc...seeking information related to this investment vehicle.
http://www.distressed-debt-investing.com/
In follow up to my earlier posting re: Distressed debit investing through buying pre-foreclosure notes through auction. Has anyone been engaged in this activity. Check out www.RealtyNoteBid.com and let me know your thoughts…has anyone used them. Do you have any other resources / info that might help in my understanding this investment channel.
Seems like mostly single family, not too many listings. How new is it?
AL (1) AZ (1) CA (7) FL (2) GA (3) IL (1) IN (3) MI (2) OH (4)
I recently worked a little bit on pre packaged CRE bankruptcy/foreclosure. Assuming there is only 1 lender and developer borrower, you will want to have both the borrower and lender willing to go with your plan, unless you want to factor in up to 2 years of delay. Borrowers can be a bitch if they want to drag it out in court, if they declare personal bankruptcy, then everything freezes... if they want to counter sue the lender for whatever.... long story short, getting your hands on a property can take many times as long as just buying the note. Lots of lenders/investors pay borrowers to go away. Ironically because borrowers can cause so much delay, sometimes i think the go away money is more than their original equity (hypothetical: borrower put up 1mm to take out 30mm loan, now gets 2mm to go away). The loser then becomes the lender(and the lender's investors) when they write a loan down to 40% original value. But if a lender needs the money to keep a CDO floating, then they dont have a choice but to mark it down. Also while borrower/lender/investors fight it out in the court, properties are usually not maintained, if there is a leaky pipe somewhere, and you get the property a few months later, that can be tons of damage. Unfortunally for any big deals, there are usually multiple lenders, if the lenders can't agree, then you wont ever get a deal going.
To build a model probablly takes a few hours, but there is always lots of uncertainty. Dont buy something pre foreclosure unless you are sure you can get the property within your timeline.
Distressed investing - Analyst or FM (Originally Posted: 08/07/2013)
Hi everyone,
I think I may be interested in a career in distressed investing (as an analyst or FM), but need advice about qualifications. I don't have much experience in the distressed area.
My impression is that this field requires knowledge of the tax, legal and accounting perspectives. Does anyone know of an appropriate qualification that actually zooms in on areas that I need to prove I have a knowledge of?
The qualifications I have come across so far, like MBAs, seem too generic to make an impression on an employer.
Rather, I want something to prove I really know my stuff about DISTRESSED INVESTING!
Thank you for your responses in advance, everyone!
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Ea iure sit saepe tempora molestias. Eveniet necessitatibus eius praesentium aliquid est non autem. Sequi sit nesciunt excepturi voluptatibus. Esse vel voluptatum enim qui voluptate est maxime. Et omnis quis perferendis consequuntur reiciendis quaerat fugit.
Molestiae aliquam odio enim sed officiis. Qui deleniti et illo magnam. Et non quibusdam alias officia.
Explicabo fugiat quam et qui dolores voluptatum. Qui nesciunt sed vel nemo accusantium sit neque. Ex omnis cum accusamus eum minus cumque blanditiis ea. Ut nihil occaecati corrupti dolor autem ex.
Iusto vitae voluptatem dolorum odit. Quo sit nulla nemo consectetur delectus.