Distress Investing pdf epub mobi txt 电子书 下载 2026
- 投资
- Finance
- 金融类
- 破产清算
- 价值投资
- F经济
- CorporateFinance
- Bankruptcy
- Distressed Investing
- Value Investing
- Special Situations
- Bankruptcy
- Restructuring
- Mergers & Acquisitions
- Fixed Income
- Credit Analysis
- Turnaround Management
- Investment Strategy
具体描述
Praise for Distress Investing "Marty Whitman has distilled decades of distressed investing experience into a text that is a must-read for everyone interested in the field, whether a student or a professional investor."
— Wilbur L. Ross, Chairman and CEO, WL Ross & Co. LLC " Distress Investing: Principles and Technique represents a detailed and unique perspective on an arcane arena of investment that is going to get a lot more attention. Marty Whitman is the master, and has set the standard for many years."
— Sam Zell, Chairman, Equity Group Investments, LLC "Martin Whitman and Professor Diz have produced a seminal work on the ins and outs of distressed investing for all distressed debt investors. It is jam-packed with information and guidance for the novice and the experienced. A must-read for anyone interested in distressed investing."
— Lewis Kruger, Stroock & Stroock & Lavan LLP "Marty Whitman, a legend in distress investing, packs decades of experience into these pages. The restructuring of the capital markets currently under way is sure to provide great distress investment opportunities, which this guide book can make count for you."
— Bruce Flatt, Brookfield Asset Management Inc. "The principles found in this book are those I used in the reorganization of my business from bankruptcy to an S&P 500 company with an investment grade rating and a multibillion-dollar market capitalization. An excellent premier by Marty Whitman and Professor Diz, integrating economic theory with real-world investment to help investors of all shapes and sizes understand and invest in distressed securities."
— Gene Isenberg, Chairman and CEO, Nabors Industries, Inc. "Marty Whitman, the unquestioned 'Dean' of active distressed investors, and Fernando Diz, one of the few academics specializing in distressed investing, have teamed up to provide perhaps the best and most comprehensive primer on distressed securities and markets. I learned so much from this remarkable volume."
— Edward I. Altman, Max L. Heine Professor of Finance, NYU Stern School of Business, Director of credit and debt markets research at the NYU Salomon Center and adviser to several financial institutions including, Paulson & Co. and Concordia Advisers
作者简介
目录信息
读后感
Although each concept is repeated over 10 times - the book can be less than half the current size without losing any information, the authors did present their unparalleled knowledge and experience in the US bankruptcy and reorganization system. The insig...
评分Although each concept is repeated over 10 times - the book can be less than half the current size without losing any information, the authors did present their unparalleled knowledge and experience in the US bankruptcy and reorganization system. The insig...
评分Although each concept is repeated over 10 times - the book can be less than half the current size without losing any information, the authors did present their unparalleled knowledge and experience in the US bankruptcy and reorganization system. The insig...
评分Although each concept is repeated over 10 times - the book can be less than half the current size without losing any information, the authors did present their unparalleled knowledge and experience in the US bankruptcy and reorganization system. The insig...
评分Although each concept is repeated over 10 times - the book can be less than half the current size without losing any information, the authors did present their unparalleled knowledge and experience in the US bankruptcy and reorganization system. The insig...
用户评价
我最近读完这本书后，最大的感受就是一种醍醐灌顶般的清醒。作者的语言风格非常直接、犀利，毫无矫饰之气。他毫不留情地指出了当前金融市场中普遍存在的泡沫和系统性风险，那种直击要害的洞察力，让人在赞叹之余，也感到一丝寒意。书中有几段关于“黑天鹅”事件后市场情绪的描写，简直栩栩如生，仿佛能感受到那种从狂热到恐慌的瞬间转变。这种对人性的深刻理解，是很多纯粹技术性书籍所缺乏的。他把投资看作是一场与自我和市场的长期角力，强调纪律和反脆弱性建设的重要性。阅读过程中，我不断地停下来，在脑海中模拟他所描述的情景，试图找到自己过去的盲点。这本书的论证逻辑严密得像是一张无懈可击的网，每一个论点都建立在坚实的数据和历史教训之上，让人无法反驳，只能由衷地佩服。
评分这本书给我的感觉，与其说是一本投资书籍，不如说是一本关于“逆向思维”的哲学探讨。作者在全书中贯穿了一个核心理念：市场先生的情绪波动是永恒的，而真正的价值往往隐藏在被大众集体抛弃或忽视的地方。他用大量的篇幅阐述了如何建立一个强大的信息筛选系统，用以识别那些被错误定价的资产。我尤其欣赏他对于信息“时滞性”的分析，指出了在信息爆炸时代，慢下来，进行深度加工的重要性。书中的某些章节，读起来颇有古代智者的风范，教人如何在喧嚣中保持内心的宁静和独立的判断力。他没有给出任何“致富秘籍”，而是提供了一套思考的工具箱，让你自己去发现通往成功的路径。这是一种赋能，而不是简单的指导。每次合上书本，我都会觉得自己的心智被重塑了一遍，对“风险”二字的理解也上升到了一个新的维度。
评分不得不说，这本书的阅读体验是极具挑战性的，但挑战正是其魅力所在。作者似乎故意用一种略显晦涩但极富韵律感的句式来构建他的叙事。他擅长使用排比和反复，营造出一种史诗般的宏大叙事感，仿佛在讲述一场跨越世纪的财富转移战役。我发现自己需要反复阅读某些段落，才能完全领会其中蕴含的多层含义。这本书的价值在于其深邃的历史观，它不满足于解释“为什么现在是这样”，更着眼于探究“事物为何必然会演变成这样”。书中对历史周期中人性反复出现的贪婪与恐惧的描绘，具有极强的穿透力。它要求读者具备一定的耐心和知识储备，但一旦你跟上了作者的节奏，你所收获的将不仅仅是投资技巧，更是一种看待世界、理解复杂系统的全新认知框架。这是一本需要被珍藏，并在未来多次回顾的经典之作。
评分啊，拿到这本新书，我心里是既期待又忐忑。书名本身就带着一种奇特的吸引力，让人忍不住想一探究竟。我翻开目录，首先映入眼帘的是对当前宏观经济形势的深入剖析，作者似乎对市场周期的理解达到了一个非常精妙的层面。他没有落入那种空泛的理论说教，而是用了一系列引人深思的案例来佐证他的观点。比如，他对某个特定时期内高收益债券市场的走势进行了细致入微的复盘，简直就像是带着你亲身走过那段充满不确定性的旅程。文笔流畅且富有感染力，读起来完全没有那种枯燥的学术味，反而更像是一位经验丰富的老手在茶余饭后分享他的真知灼见。特别是其中关于风险定价的章节，他提出了一种全新的视角，让我对传统金融模型产生了深刻的反思。这本书的价值不仅仅在于提供信息，更在于它能激发读者去主动思考，去挑战既有的投资信条。我感觉自己正在进行一场思维上的“排毒”，清除那些被市场噪音污染的陈旧观念。
评分这本书的结构设计得非常巧妙，它不是简单地罗列知识点，而是构建了一个完整的知识体系。我特别欣赏作者在处理复杂概念时所展现出的耐心和清晰度。举例来说，在讲解资产负债表的结构性缺陷时，他使用了大量图表和对比分析，使得那些原本晦涩难懂的金融术语瞬间变得可视化、易于理解。这种讲解方式极大地降低了阅读门槛，让即使是刚接触这个领域的读者也能快速跟上他的思路。更让我惊喜的是，作者并没有止步于理论层面，他深入探讨了在实际操作中可能遇到的伦理困境和心理博弈。他坦诚地剖析了投资者在面对巨大压力时容易做出的非理性决策，并提供了切实可行的心理调适方法。这本书的深度和广度都超出了我的预期，它不仅仅是一本投资指南，更像是一部关于人类在压力下如何做出决策的社会学著作。我打算将书中提到的几个关键框架摘录下来，作为我未来决策的参考准则。
评分A Simple Intro to Distress Investing
评分A Simple Intro to Distress Investing
评分困境投资与宏观的联系较小，而与案例相关律法关联大，因此依赖的不是宏观推断，而是微观的投资与法研考量。困境投资起始假设为违约发生，盈利来自于准确判断信贷工具的重组价值，依据为破产法第十一章。与杠杆收购迥异，困境投资者难以进行尽调，目标企业较弱且经营较差，困境企业资金来源较少(除非是DIP融资)，而是否能获取支点证券及控制重组风险则对投资者而言至关重要。困投比起杠收更难利用IRC的税法减少税支，但普遍不需为购入权益支付LBO常须要的溢价。一种市场中(二级)的有效可能在另一个市场中(LBO)即是无效，艾坎的激进投资其实也是利用二级投资者无控制权进行套利。财富创造的方式除自由现金流外还有很多，如并购协同，控制权，再融资，资本充足，分拆，清算，廉价发行证券融资，或极低利率下的长期无追索权发债。
评分困境投资与宏观的联系较小，而与案例相关律法关联大，因此依赖的不是宏观推断，而是微观的投资与法研考量。困境投资起始假设为违约发生，盈利来自于准确判断信贷工具的重组价值，依据为破产法第十一章。与杠杆收购迥异，困境投资者难以进行尽调，目标企业较弱且经营较差，困境企业资金来源较少(除非是DIP融资)，而是否能获取支点证券及控制重组风险则对投资者而言至关重要。困投比起杠收更难利用IRC的税法减少税支，但普遍不需为购入权益支付LBO常须要的溢价。一种市场中(二级)的有效可能在另一个市场中(LBO)即是无效，艾坎的激进投资其实也是利用二级投资者无控制权进行套利。财富创造的方式除自由现金流外还有很多，如并购协同，控制权，再融资，资本充足，分拆，清算，廉价发行证券融资，或极低利率下的长期无追索权发债。
评分A Simple Intro to Distress Investing
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