Distressed debt / special sits investing - On the job
I am currently in the process of making up my mind regarding post-IB analyst opportunities. While there is an abundance of information on PE as an exit, the info on distressed debt or special sits is more limited.
Can someone shed some light on some of the following questions?
1) Is someone from an M&A background at a huge disadvantage to someone from RX / LevFin background, or is M&A also a good foundation for a DD role? If so, how can you make up for that disadvantage?
2) Can someone comment on day-to-day hours on the job? Ie, do you have to come in really early, or are we talking more 8.30/9ish? I assume the evenings won't go much longer than 9/10
3) For someone with a solid M&A modeling knowledge, are there any must read guides that will bring me up to speed on all I need to know for DD interviews? I have already read Moyer as well as the HL "Buying and selling the troubled company" but feel like I need more hands-on info regarding modeling that is required on the job
4) Is there a real difference between distressed debt and special sits investing? I feel like some funds use it interchangeably
5) How much different is a DD investing job at a say Baupost, Anchorage, Monarch and KKR / BX / Oaktree special sits type investing roles?
Thanks a lot!