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The Art of Vulture Investing: Adventures in Distressed Securities Management 1st Edition

3.9 3.9 out of 5 stars 12 ratings
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A detailed and compelling look at distressed securities investing in today’s market

In the corporate world, “vulture” investors in distressed securities serve the same cleanup function as vultures do in the natural world: they deal with failing companies, digest bad debt, and mop up after bankruptcies. Since this market’s structural and legal complexities create greater inefficiencies than in other investment fields, it’s a style of investing that can make money during both booms and busts. While recent economic carnage has made opportunities for vulture investors, more convoluted bankruptcies, conflicts of interest, and even government intervention have made this arena harder to negotiate.

Nobody understands this better than author George Schultze, founder of Schultze Asset Management. During his successful career as a vulture investor, he’s learned a number of lessons and developed an investment philosophy that has served him well. Now, in The Art of Vulture Investing, Schultze shares his valuable insights and experiences with you. Engaging and informative, this reliable guide offers a bird’s-eye into the opportunities and risks associated with vulture investing. And while it may not always be pretty, you’ll see exactly why this process is necessary for our economic ecosystem.

Throughout this book, Schultze explains the theory and strategy of vulture investing in clear and lively prose, illustrating each concept with examples from his own varied experience that show how the landscape has changed in recent years.

  • Offers valuable information on distressed securities investing since the 2007-2009 financial crisis
  • Examines the opportunities and dilemmas for modern vulture investors
  • Includes in-depth case studies of high-profile bankruptcies, including those of Chrysler Automotive and Tropicana Casinos and Resorts

By its very nature, investing in distressed companies can be a complicated  and risky business. But once the dust settles, these investments can yield extraordinary profits. The Art of Vulture Investing puts this discipline in perspective and shows you how to excel at this difficult, yet rewarding, endeavor.

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  1. ISBN-10
    0470872640
  2. ISBN-13
    978-0470872642
  3. Edition
    1st
  4. Publisher
    Wiley
  5. Publication date
    September 24, 2012
  6. Language
    English
  7. Dimensions
    6.4 x 0.86 x 9.3 inches
  8. Print length
    224 pages
  9. See all details
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Customer reviews

3.9 out of 5 stars
3.9 out of 5
12 global ratings

Top reviews from the United States

Arun Garg
4.0 out of 5 stars I found the book useful in shedding light on a dark corner of the ...
Reviewed in the United States on January 11, 2017
Verified Purchase
As a value investor in the Buffett mold, I learned a lot from this book since it covers new territory for me. Focused on bankruptcies, it describes opportunities both before and after the chapter 11 event.

The only downside is the implicitly self-contratulatory and self-promotionary tone. Also the absence of the author's long term performance. Nevertheless, I found the book useful in shedding light on a dark corner of the investment landscape.
2 people found this helpful
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Abhishek Banerjee
3.0 out of 5 stars An individual's perspective on distressed debt investing
Reviewed in the United States on July 21, 2014
Verified Purchase
More of a single persons experience in vulture investing
3 people found this helpful
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Value_Investor
1.0 out of 5 stars High in price low in info
Reviewed in the United States on May 26, 2013
Verified Purchase
Wanted to learn about distressed debt but instead all I learned about was a mediocre fund manager. All the author did was tell stories about himself. If you want a good book on the topic check out Moyer's "Distressed Debt Investing" or Whitman's "Distress Investing"
17 people found this helpful
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BP
3.0 out of 5 stars Behind the Awesome power
Reviewed in the United States on December 7, 2012
This book is great details about some deals that can shed light on many matters.

The Chrysler deal story is very useful. It names some names like JP Morgan or Elliot Capital. It explains why Paul Singer (i.e. Elliott Capital for all non-inside baseball readers) was so hell bent on using Super PACs and Citizens United against the Obama 2012 race. Greg Palast's book "Billionaires and Ballot Bandits" names him quite specifically in voter suppression games all over this country to try to win the election for the GOP, which by now we know didn't work. He was clearly a titan who lost out against the Wolf or Pritzker titans who owned Obama from the very beginning back in Chicago and therefore got what they wanted out of the deal. Palast even shows that Romney family trust money was tied up in auto parts manufacturer Delphi, so clearly the auto titans needed bailing out. It is hard to connect JP Morgan controlling shareholders to PACs because of so many layers of shrouding and secrecy. But, it suffices to say that a tiny % of US citizens or world citizens control JP Morgan stock, Delphi, and the entire auto industry, and therefore have an interest in their junior debt tranches in a Chrysler deal.

It is unclear to me whether Mr. Schultze really believes what he said in the book or hopes that one day he or his sons will also be one of the insiders who can get a bailout for one of their speculations using the US Govt as cover, or heavy. He needs to say the "administration" was so powerful and abused power. But, really? Who is so powerful and can abuse power? opensecrets.org shows where the money comes from for both parties and it isn't the UAW and its pensioners. Maybe he really believes that somehow 1974 PACS laws or 2010 SuperPAC laws will honor 100 years of bankruptcy precedent since the railroad barons. Palast in a New York Times bestseller shows that Pritzker and Wolf created Obama. Wolf is UBS, not JPM, for those of you readers who don't get the inside baseball references here.

But, maybe the sub-Titans (aka Schultze) here actually do believe that one day they will be Titans and so will get whatever they want from the US government using the same PACs and other campaign finance laws that obviously privilege JPM and Cerberus shareholders over these senior debt nasty hedge fund managers or whoever they really are.

Here is some good information about how much the UAW contributes to races these days. This chart shows just how much UAW or any other union pays for US politics today: [...] Less than 9% hardly seems like a reason for Obama to bail out Chrysler. There is some serious Family Office money here and Schultze knows that!

The real payment for Obama "administration" obviously comes from somewhere else. Perhaps too painful for Mr. Schultze to admit. But. more likely not something he can admit and keep his business.

It is a good coverup. And a good rationale for a guy from New Jersey who still plays in markets and wants to believe that they are free and that he has a fighting chance. Meanwhile, the rest of us are wising up. We have been reamed under these theories. It is not equal protection under the law for property to vanish thus. Mr. Schultze with his law degree will get that.
4 people found this helpful
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Stevo Nova
1.0 out of 5 stars You may get better advice reading something from Dr
Reviewed in the United States on July 22, 2014
As a real life witness to Mr. Schulzes Vulture investing I can suggest that this book is pure fiction. Although many entities have made an incredible amount of money "Vulture Investing" following Mr Schulze's plan may result in a severe reduction in capital. You may get better advice reading something from Dr. Seuss.
8 people found this helpful
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Dr. Westhead
1.0 out of 5 stars This book is terrible
Reviewed in the United States on May 8, 2013
This book is terrible. Don't waste your money. I would rather read the back of a cereal box - it would be more interesting.
6 people found this helpful
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Top reviews from other countries

Chefe Arariboia
3.0 out of 5 stars The vulture got tired
Reviewed in the United Kingdom on May 13, 2014
Verified Purchase
This book provides an insightful and entertaining view of the world of vulture investing.
Schultze’s book is full with examples of a wide range of situations usually presented to distressed debt investors and telling stories about the opportunities and pitfalls in this difficult area of investing. However, in my opinion, readers would have greatly benefited if one or two detailed “case studies” would have been introduced as this is a book that is necessarily addressed to a limited audience of investment professionals and advisors. In this sense, Schultze’s book could have been more ambitious in pleasing the vultures...
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