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Nobody understands this better than Martin Whitman - the legendary founder of Third Avenue Management LLC and a pioneer in the field of distressed markets - and leading academic Dr. Fernando Diz of Syracuse University. That's why they decided to write Distress Investing. As an outgrowth of annual distress and value investing seminars the two have taught together at Syracuse University's Martin J. Whitman School of Management, this reliable resource will help you gain a better understanding of the essential principles and techniques associated with distress investing and show you how to effectively apply them in the real world.
Divided into four comprehensive parts - the General Landscape of Distress Investing, Restructuring Troubled Issuers, the Investment Process, and Cases and Implications for Public Policy - this book comprehensively covers the practice of buy-and-hold investing in distressed credits, whether it be performing loans or the reinstated issues of a reorganized issuer.
From the recent changes to U.S. bankruptcy code and creditor rights to cash bailouts, you'll quickly learn how to analyze distressed situations such as pricing issues, arbitrage opportunities, tax disadvantages, and the reorganization of funding plans. Along the way, case studies of both large and small distress investing deals - from Kmart to Home Products International - will give you a better perspective of the business.
Customer ReviewsMost Helpful
By Philo on 07-15-17
Chock full of insights, but not for beginners
This book has a lot of info in every sentence. It is an overview of the scene, not a "buy this particular investment" type of thing. The scene it describes is too complex and shifting for that. Of course, by definition: if getting rich in a field like this was easy, the field itself would shift until it was harder. Hundred dollar bills aren't just laying around, right?
And behind that: it is possible in recent times to find fairly low-cost, retail-level investments that are something of a proxy for these big-shot deals. There are various exotic types of ETFs, options and so on, with which pretty complex bets can be placed, and these can be bought by anyone. But a person who struggles to understand what is discussed here should probably stay miles away from such things. As the saying goes, it's easy to make a small fortune in such things -- just start with a large fortune!
But even if a person is here merely to become better informed, this is not the first place to start. One should have a reasonable understanding of investment concepts and terminology generally, corporate finance and the various financial instruments within that, to start. After that, I listened to an audio from here, "The Art of Vulture Investing," that helped to prep me for this level. But the view is fantastic from here!
This is a few years old, so some of the stories could benefit from an update, but the information is very stimulating, useful and valuable for me, subject to the above caveats.
By Brad on 01-21-16
Blah blah blah!
What disappointed you about Distress Investing?
I have no idea how to apply any of the information talked about in this book. I thought I was going to learn how to invest in distressed stocks, but it just keeps going on and on and on talking about past stats and distressed companies of the past. I couldn't even make it past chapter 2. I literally couldn't take anymore and had to turn it off, but not before quickly listening to the beginning of all the other chapters that just continue to ramble on. The author has no idea how to engage the reader. I don't know how the guy reading this book didn't fall asleep. I think the author wrote this book just to hear himself talk. I'd be surprised if he ever invested in a distressed company himself. From the little I could stand listening too, it sounds like you'd have to be a multi millionaire to invest in a distressed company and you'd have to be stock market or CEO wizard to following the endless statistical rambling. If you're interested in endless percentages that you can apply to nothing than this is the book for you! Total waste of my time and money.