Learning about distressed investing
Current senior here looking to learn about the actual investments and mandates of Appaloosa, Redwood, Mudrick, etc.
What are the best cases/resources to look at when trying to learn about distressed investing?
To dive into distressed investing and understand the strategies of firms like Appaloosa, Redwood, and Mudrick, here’s a structured approach based on the most helpful WSO content:
1. Books to Build a Strong Foundation
2. Online Resources and Forums
3. Financial Modeling and Case Studies
4. Industry-Specific Insights
5. Networking and Mentorship
6. Practical Experience
By combining these resources, you’ll gain a comprehensive understanding of distressed investing and the mandates of top firms in the space.
Sources: Best resource for learning about investing strategies?, Credit Hedge Fund opportunities, Resources for learning about distressed debt investing, Anchorage Capital Group: Time to Die in 2021?, Credit - Pod Shop/MM vs. Distressed/Special Sits HF
Working in rx or special sits analyst programs. Best are PJT RSSG and Bain Capital Special Sits for undergrads at least
You are a 19 year old kid who has been on wso for the last 6 months and picked up random information and is regurgitating it innacurately. Stop commenting. Can the mods please remove him
I've been at a very well-known distressed/activist/credit fund (think Redwood/Elliott/Diameter) for almost 7 years now, and kid has a point. We generally do hire from RX or RSSG groups or ppl from Oaktree/Fortress (of the like).
Sometimes the kids are right...
Cmon now
The Mudrick Credit Edge episode is probably one of the better basic overviews. However, the Cision loan he talks about is in the 52/53 context and hasn't really moved despite how good he makes it sound. Many outcomes in special sits investing are wholly out of your control; sponsors don't care and investors have short term memories. The Saks and First Brands situations (while non sponsor deals) exposed a lot of people who caught falling knives thinking that they were "smart money" taking advantage of forced sellers. Also, in this context, you need to throw the Warren Buffett "Phenomenal business at a fair price" stuff out the window and embrace cigar butt investing.
9fin / octus might be a good start
The Credit Investor’s Handbook by Michael Gatto from Silverpoint I’ve found to be a pretty helpful resource that I wish I had when I was still a student
I’ve found it to be more user friendly and up to date than Moyer
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