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When banks are forced to sell, they don’t care about getting fair value. They care about getting it off their books. That’s our advantage.
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The most profitable investments are the ones nobody else wants to touch. Complexity is a moat.
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Every financial crisis creates more inventory for people like us. We’re the cleanup crew.
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Distressed investing is simple: buy things other people are desperate to sell, at prices that guarantee a margin of safety.
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Patience in distressed investing isn’t a virtue. It’s a requirement. The assets tell you when they’re ready.