Liquidity is overrated in good times and underrated in bad ones. That cycle is what keeps pricing inefficient in credit markets — and that inefficiency is our business.
Everyone sees the distress. Very few take the time to understand whether the distress is terminal or temporary. That gap is where we make money.
Bankruptcy is not death. It is a legal process. Most people confuse the two — and that confusion is the opportunity.
The best investment I ever made was the Milwaukee Bucks. Not because of the returns — though they were exceptional — but because it taught me that great assets are great assets, whether the collateral is debt or equity.
In distressed investing, doing the work is the moat. Most investors will not read a 400-page bankruptcy filing. We will. That is the entire competitive advantage.