Longtime credit investor Dan Zwirn, currently the CEO of $1.3 billion Arena Investors, laid out how the pandemic has created opportunities for investors like himself in industries like aviation, energy, and retail.
The "sheer volume" of all kinds of debt — corporate, subprime, municipal, and more — is staggering. The defaults that are coming for consumer loans for housing, cars, college, and more is staggering. And the opportunities for savvy investors to make money off the disruption caused by the novel coronavirus pandemic is staggering.
In a recent letter to investors, reported originally by Institutional Investor, Zwirn said it's the best opportunity to invest in aviation companies since 2001. Speaking with Business Insider, he said that airlines were already in trouble as passengers "had to be packed in like sardines to make money."
"It won't be as obviously concentrated as it was with mortgages," he said, comparing it to the 2008 financial crisis. Auto loans and student debt will be of particular interest once data starts coming in on default rates.
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