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    TPC,

    Could you define what you mean by “distressed debt”? Sometimes people use the term to refer to debt with a yield at least 10 points above treasury rates. Sometimes people use the term to refer to investments in defaulted instruments. Corporates were cheap in Nov/Dec 08 and March 09, but prices have spiked a lot since then. Why do you think they are still cheap? If you’re referring to defaulted instruments, why won’t prices continue to as the supply of defaulted instruments increases faster than the pool of available purchasers?

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