I am trying to read the book on distressed debt but I occasionally find myself confused by his description of certain things like CDOs. Is there any background reading I need to do before reading this book?
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Lmao I was lost many times by that book as well, reminds me why I'm not a distressed credit analyst. A legal background is an advantage in these situations. The way I approached it was to worry less about the nuts and bolts of the debt instruments he discusses, and focus more on the overall business narratives and financial statements which I deal with
I feel and have heard from others that Moyer's DDA is one of those books that you have to read multiple times, where you learn new things each time. The first time I would recommend just reading slowly and looking up and try to understand what certain terms mean as you come across them - expect not to have 100% comprehension. And definitely jot down some notes if you're reading to prepare for an interview
It's definitely the type of book that you need to read more than once to grasp some of the harder concepts. But if you're really into it, would recommend taking notes / highlighting stuff so when you go back to re-read it you'll kind of know what to focus on. But like an above poster said, focus on the overall picture/concepts of the bankruptcy proceedings, different incentives for each party involved, etc...
Michael Gatto’s new book called “The Credit Investor’s Handbook” has a more recent (covers a lot of the aggressive issuer maneuvers from past few years that Moyer doesn’t) and rather more accessible overview of distressed debt investing. Moyer still great and far more depth - agree with poster above’s comment about reading multiple times - but the Gatto book might be a good place to start.
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