The best opportunities come when others are most afraid. Our job is to be ready when fear peaks.
Price is the most important variable. A great asset at the wrong price is a bad investment. A troubled asset at the right price can be a great one.
In distressed investing, you're not just an investor — you're a creditor, sometimes a litigant, and ultimately an owner. You have to understand all three roles.
We don't try to predict when the next crisis will come. We prepare so that when it does, we can act while others are frozen.
Avoiding permanent loss of capital is the first job. Everything else follows from that.
The legal structure of a distressed investment matters as much as the financial analysis. Knowing where you sit in the hierarchy is not optional — it's the whole game.