In this special excerpt from The Little Book of Picking Top Stocks, Distressed Investing analyst Marty Fridson reveals the four most important characteristics of stocks that historically beat the market.
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This holiday weekend, we’re honoring one of the all-time investing greats by re-publishing a slightly condensed version of a speech Charlie Munger gave at the University of Southern California Marshall School of Business in 1994 – along with commentary from our own expert team.
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There haven’t been many defaults in corporate bonds recently. But in the hard-landing scenario playing out for next year, there will be many more distressed bonds to choose from than there are now.
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The issue will feature a prominent U.S. airline whose bonds trade at a steep discount. It’s a company with nearly 25 years of success and an industry-best customer-service record. Plus, we include an equity that provides some downside protection and lots of upside.
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As the economy begins to contract, the opportunities in distressed debt will become more numerous and appealing.
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In this issue, we’ll examine one of the few solid internet companies that escaped the dot-com carnage. This online merchandiser has a capital efficient business model and almost 10 years of impressive growth, making this bond a bargain at the right price.
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When the economic cycle reaches the point where corporate earnings are plunging, hundreds of companies will come under closer scrutiny and often become distressed. Investors who get in around the low point will realize huge gains. The trick, of course, is figuring out which pose the risk of bankruptcy and which do not.
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Distress currently stands at a low level in the bond market, meaning there are few opportunities in low-grade corporate bonds today. The “good” news – for distressed bond investors, that is – is that financial distress is on the rise.
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In this issue, we are recommending the bonds of a company that is bringing speed-of-light internet connections to much of America. If it does nothing more than avoid default, the bond will return 12% per year for the next six years.
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Bank loans are becoming harder to obtain. Meanwhile, credit ratings on corporate bond issuers are improving. The freight train represented by credit tightening is hurtling down the track, but it hasn’t arrived at the station yet.
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