Review of Distressed Debt Analysis: Strategies for Speculative Investors by Stephen Moyer

Everyone else who wrote a book about distressed debt investing should have stayed home while Stephen Moyer was writing Distressed Debt Analysis: Strategies for Speculative Investors. This book is that good.

The problem with Edward Altman books is the focus on statistical information about bankruptcy and default, and the paucity of information about investing and trading. That is probably because Altman is an academic, not a practitioner, and Moyer fixes that problem. Moyer's book is rich with detailed instructions about how to approach and analyze distressed investing situations.

I would like to see Moyer write an entire book of distressed situation case studies. He should group it around themes - capital structure arbitrage, straight-up debt purchases - and present the contemporaneous resarch reports as well as retrospective analysis.

I give this 5/5.