PFN - Lessons From 2008 For 2018
In 7 Fat Years Of Event-Driven Investing, I looked back at an opportunity from a decade ago that may be worth another look today. The fourth quarter of 2008 was the worst quarter for almost every asset class, leaving many promising bargains in its wake. Among the most deeply discounted was the senior secured loan market. Lehman Brothers had filed for bankruptcy late in the third quarter, and had flooded the market with its senior secured loan portfolio. Other leveraged holders with overlapping portfolios or direct exposure to Lehman became forced sellers too, as