Friedman: Distressed investing is value creation rather than a zero-sum game
Josh Friedman · Josh Friedman – Master Class in Credit Investing at Canyon (Capital Allocators, EP.263) · Jul 25, 2022 · at 40:54
Josh Friedman, co-founder and co-CEO of Canyon Partners, discusses the fundamental objectives and dynamics of distressed debt investing.
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“I don't necessarily see it as a zero sum game at all. I look at it as us and our colleagues against the house, if you want to think of it that way. And sometimes there's an equity holder who's trying to steal stuff that should belong to the creditors at this point because they've already blown up the company. And the game for the creditors is A, to restructure it, but then to figure out who should really run these assets to create value.”
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