Moyer has over 25 years of experience in investment analysis and corporate finance. Just like any other investment option, distressed debt investment is also not free of risks. Distressed debt analysis strategies for speculative investorsstephen g. He is a recognized speaker and writer on the subject of distressed securities and a frequent lecturer at industry events and graduate business programs. Bernstein 2007 suggests that the ease with which corporate debt claims can be traded today means that the holders of the debt of a distressed firm changes rapidly as the firms distress becomes known. Strategies for speculative investors the parties as mentioned in the introduction to this book, to the extent distressed investing can be compared to chess, it requires an expansion of the oneagainstone chess framework to reflect the reality of many different constituencies essentially playing against each. Second, moyer seems to have identified his audience, the educated investor that typically deals with equities but wants to become conversant in distressed debt. Distressed debt investing moyer pdf download perpetuo.
Buying companies by acquiring their debt by stephen g moyer, david martin, and john martin 1 acquiring control of a company typically involves buying the firms equity and the n assuming its liabilities. Rob shapiro, cio and a cofounder of arch, was worried what. Our approach seeks to combine protection against loss, which generally comes from buying claims on assets at bargain prices, with the substantial gains achieved by returning companies. Distressed debt analysis strategies for speculative investors. Steve moyer president distressed debt alpha linkedin. Distressed debt analysis is the business planning, strategy, planning and investment guide that teaches people who to grow your business and avoid being bankrupt.
Providing theoretical and practical insight, distressed debt analysis. While some distressed funds also include structured credit products such as mortgage backed securities, trade claims, leases, receivables vendor financing and other debt like instruments, most managers focus on loans and high yield bonds. The bigger point of the example, and a main theme of this book, is that distressed debt investing is a process that must be proactively monitored because investment circumstances change. Judgments haveto be made about the survivability, prospects and value of an enterprise in crisis, and about the.
His interest in distressed securities analysis began when he was a member. Investment experience pacific investment management co. Strategies for speculative investors presents a conceptual, but not overly technical, outline of the financial and bankruptcy law context in which restructurings take place. Investing in credit series distressed debt june 14 revised3. Key takeaways distressed securities are those securities issued by a. Distressed debt analysis addresses the complete knowledge needs of investors and professionals in the burgeoning world of financially distressed companies. Hawker beechcraft distressed debt investment analysis. Outperformed index during period of portfolio responsibility. Read distressed debt analysis online by stephen moyer books. Distressed debt trading this one is similar to what many distressed hedge funds and credit funds do. Buying companies by acquiring their debt 59 stephen g. Distress or vulture investing requires a high level of business acumen combined with deep knowledge of accounting, finance, and corporate and restructuring law. There is nothing inherently wrong with distressed investing. Curious writer, concise edition, the, plus mylab writing access card package by bruce ballenger.
Moyer and others published distressed debt investments find, read and cite all the research you need on researchgate. Hey guys, anyone have a pdf copy of distressed debt analysis by stephen moyer theyd be willing to send me. Description of distressed debt analysis by stephen g. Moyer investing in distressed debt is trying to answer the following questions among. Author of distressed debt analysis, a leading text in the field. Moyer, martin, and martin page 1 a note on distressed investing. As mostly a theoretical book on distressed debt investing, this book accomplishes less than the one written by subhrendu chatterji and paul hedges called loan workouts and debt for equity swaps which is far more detailed and thorough in its description of the pros and cons in the use of a wide range of securities in loantoown transaction. I am very interested in the distressed space and want to learn as much as i can. Ebook distressed download here distressed debt analysis. Get for free stephen g moyer distressed debt analysis strategies for speculative investors ebook in pdf epubonline.
If the company does not perform well, even after restructuring, then the investors may not get any return on their bonds. Therefore it need a free signup process to obtain the book. Strategies for speculative investors by moyer, stephen isbn. I also have considerable experience in high yield bond analysis and investment, and the management of credit research departments. This chapter surveys the role of pe investing in distressed debt markets. Moyer, distressed debt alpha, david martin, orix corp.
Often these changes can be anticipated and capitalized on to earn superior investment returns. Distressed securities can include common and preferred shares, bank debt, trade claims, and corporate bonds. His interest in distressed securities analysis began when he was a member of the high yield research group at drexel burnham lambert. Over the past 20 years, distressed debt investing has become increasingly popular. Distressed debt noncontrol in this one, firms still. The book covers the broader financial environment of the reorganization and the basic process of investment analysis and investment strategies. Distressed debt investing moyer pdf download perpetuo illegal adreas sveglia author. The distressed debt market has increased in size with private equity firms and hedge funds now key players. Read distressed debt analysis by stephen moyer for free with a 30 day free trial.
Use features like bookmarks, note taking and highlighting while reading distressed debt analysis. Moyer moyer distressed debt question for distressed debt folks about a concept introduced in moyer s book distressed debt moyer distressed debt analysis moyer and then. Download it once and read it on your kindle device, pc, phones or tablets. Just a moment while we sign you in to your goodreads account. Strategies for speculative investors addresses the complete knowledge needs of investors and professionals in the burgeoning world. Distressed debt analysis strategies for speculative. Save this book to read distressed debt analysis strategies for speculative investors by stephen g moyer pdf ebook at our online library.
This type of debt can be loosely defined as the obligations of companies that have filed for bankruptcy or are very likely to file for bankruptcy in the. Although, buyers of such debts often make neat profits, they may have to endure huge financial losses in certain cases. Everyday low prices and free delivery on eligible orders. Moreover, the process entails active involvement, as opposed to passive investing in publicly traded securities, as the investor seeks control over the distressed firms equity. If cccrated bonds are, for convenience, used as a proxy for distressed, then the negative market returns for this group over the 19992002 period, shown in table 12, illustrate the dangers, while 2003 returns demonstrate the opportunity. Distressed debt the market inefficiencies we seek as a firm are exemplified in the market for financially distressed debt in which we have extensive experience. Moyer and others published distressed debt investments. Moyer has been a portfolio manager and analyst in the distressed credit group at pacific investment management company pimco. In fact, distressed investors are a critical component of the u. Get distressed debt analysis strategies for speculative investors by stephen g moyer pdf file for free from our online library. One of the more widely accepted definitions of distressed debt is generally attributed to martin. Strategies for speculative investors kindle edition by moyer, stephen g. Over the eighteen years of my involvement with distressed debt, there have been two periods when it was possible to access highly outstanding returns through bargainbasement purchases. Distressed investing, at its most basic level, is a form of deep value investing typically with an eventdriven element as well.
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