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A Simple Intro to Distress Investing

睏境投資與宏觀的聯係較小，而與案例相關律法關聯大，因此依賴的不是宏觀推斷，而是微觀的投資與法研考量。睏境投資起始假設為違約發生，盈利來自於準確判斷信貸工具的重組價值，依據為破産法第十一章。與杠杆收購迥異，睏境投資者難以進行盡調，目標企業較弱且經營較差，睏境企業資金來源較少(除非是DIP融資)，而是否能獲取支點證券及控製重組風險則對投資者而言至關重要。睏投比起杠收更難利用IRC的稅法減少稅支，但普遍不需為購入權益支付LBO常須要的溢價。一種市場中(二級)的有效可能在另一個市場中(LBO)即是無效，艾坎的激進投資其實也是利用二級投資者無控製權進行套利。財富創造的方式除自由現金流外還有很多，如並購協同，控製權，再融資，資本充足，分拆，清算，廉價發行證券融資，或極低利率下的長期無追索權發債。

Bible for distress investing! Best on the street!

A Simple Intro to Distress Investing

睏境投資與宏觀的聯係較小，而與案例相關律法關聯大，因此依賴的不是宏觀推斷，而是微觀的投資與法研考量。睏境投資起始假設為違約發生，盈利來自於準確判斷信貸工具的重組價值，依據為破産法第十一章。與杠杆收購迥異，睏境投資者難以進行盡調，目標企業較弱且經營較差，睏境企業資金來源較少(除非是DIP融資)，而是否能獲取支點證券及控製重組風險則對投資者而言至關重要。睏投比起杠收更難利用IRC的稅法減少稅支，但普遍不需為購入權益支付LBO常須要的溢價。一種市場中(二級)的有效可能在另一個市場中(LBO)即是無效，艾坎的激進投資其實也是利用二級投資者無控製權進行套利。財富創造的方式除自由現金流外還有很多，如並購協同，控製權，再融資，資本充足，分拆，清算，廉價發行證券融資，或極低利率下的長期無追索權發債。

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...

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...

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...

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...

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...