Turning a blind eye?
In Europe, talk of battening down the hatches for a change in circumstances seems at odds with a lack of appetite for European distressed strategies.
“The more you sweat in peacetime, the less you bleed during war.” Turnaround specialist Richard Thomson of RLT Advisory reached for this striking Chinese proverb when describing how European fund managers should be preparing themselves for a negative turn in the cycle at PDI’s recent Capital Structure Forum in London.