Reuters’ Jennifer Ablan reported yesterday that legendary money manager Jeremy Grantham recently acquired distressed debt for his personal portfolio. Ablan wrote:

The allure of moribund mortgage bonds and corporate debt has grown so strong that Wall Street’s biggest money managers are picking over their carcasses…

Even influential investor Jeremy Grantham said he has doled out money to three such funds for his personal account. “A well-managed distressed fund will no doubt do very well and will have great opportunities,” Grantham, chairman of global investment management firm GMO, said in an interview.

Source:

“Big money managers bet big on distressed debt”
Jennifer Ablan
Reuters, August 7, 2008

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