This blog will try to dissect distressed debt investing, up and down the capital structure. We will look at current distressed debt situations, try to explain the ins and outs of how decisions are made in the distressed debt world, probably rant a few times about positions that are working against me, and hopefully enlighten some readers.
Dan Loeb is out with Third Point's 2011 letter. As always, its a fascinating read; even moreso this year with Third Point's activist campaign and now shareholder proxy with Yahoo! Thanks to MarketFolly for posting the letter. Enjoy!
Third-Point-Q4-2011
1 comments:
"Europe...is healing, with elections in France posing the next potential landmine to an otherwise more "rose" outlook."
- Out of all the European "landmines" (Spain's political populism, Portuguese restructuring, European zombie banks (altho understand a position in Unicredit from a non-value focused perspective), etc., etc.) seems quite misguided to focus a $bn HF's attention on France's presidential election.
- Rosy? even in quotations, this is the first adjective they pull from their pocket? May be they have a better understanding than I (my record is significantly shorter than 16yrs), but would feel much more confident using "depressed" in search describing Europe's near-term economic trends.
Haven't followed 3rd Point, but seems difficult not to categorize them as better indicators of dumb money than prescient thought process.
...but then again, who am I, just a bad eugoogolizer.
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