It's a case of reverse schadenfreude as distressed managers feel cheated by the financial market recovery and the liquidity boom sours their well. While most hedge funds and asset management firms are quietly or massively bullish, the distressed-investing community is crying out for a prolongation of distressed-asset opportunities, to allow them to put newly raised funds to work.
In a keynote speech yesterday by Professor Ed Altman at the second AsianInvestorFinanceAsia Distressed and Troubled Asset Investing Summit, he conducted a vox-pop poll that revealed only one person who believed in a V-shaped recovery in a room of hundreds of pessimists.
A spread of 2,046...
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