Special Sits / Opportunistic Investment Memos
Does anyone have access to / could point me in the direction of any special sits / opportunistc / distressed investment memos? Anything from funds or any substacks, blogs etc that put out good content would appreciated.
Not necessarily always SS memos but "yet another value podcast" has good content
http://clarkstreetvalue.blogspot.com/
http://www.distressed-debt-investing.com/
Thanks for the replies... to add some context, I was ideally looking for materials like the pershing square GGP decks, for example. I've seen most of the basic stuff that's out there (DDI and the like) but would love to see memos and theses from funds. Another example that I've seen mentioned a few times is the tennenbaum memos from the radnor case, but all links I've found to them previously have been broken.
You can find some old Tennenbaum Capital Partners memos as exhibits associated with a lawsuit if you google around some. Edit: see you are aware of them
Yes I'm aware of them and have looked through the radnor docket, but haven't found the actual memos. Do you know which document they were in? Or are they related to the Kennedy litigation years later? TIA
In this doc you will find something. Starts at pg. 68: https://bankrupt11.com/dockets/documents/k_radnorholdings480/?search_te…
Before my current seat, I worked at a distressed shop for 5 years. Our memos were like 7-10 word docs, nothing like Pershing Square.
Not all firms have massive memos, just an FYI. I'd imagine you'd want something for a learning perspective, but from a work product perspective, I don't believe having 50-100 page PE style decks is necessarily the norm.
Hey man, slightly unrelated but would you mind sharing an outline of sections usually included in the memos? I’m writing a pitch right now and it would be helpful to me to present it in a similar fashion
All sort of include the same thing...for reference I've written 30+ page credit memos to single e-mail recommendations with just a cap structure and few sentences included.
A credit write up usually conforms to something like...recommendation and returns, cap structure overview / notable covenants , business overview, current situation / why now is important, catalysts and valuation / recovery analysis...you can flex other areas based on what is important for any given situation
Not an IC memo but you can basically see the bullet points distilled for LPs in this letter from JHL: https://static01.nyt.com/images/blogs/dealbook/JHLCapitalMemo.pdf
Here is a brief but interesting memo:
https://www.toptal.com/finance/resume/keith-fernandez#project=evaluatio…
SPAC-focused newsletter:
https://www.specialsitsresearch.com/
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