Billionaire investor Marc Lasry sees more opportunity abroad rather than at home as rates get lower everywhere. He likes distressed debt in Europe, direct lending in Asia, and energy debt in the U.S.
. "The bonds moved up so we ended up getting out… We love to buy things at 70, 75 cents on the dollar. When it gets up to 90, 95, there isn't as much room, obviously, for capital appreciation. So, we'll get out."bonds but recommends keeping an eye on the equity value and thus the risk. "It's got $40 billion of equity value. It's got $7 billion of bonds. Right now the market is telling us it's got a $47 billion enterprise value...
As for the big picture, Lasry's outlook for the U.S. is cautiously optimistic -- "a year from now the economy is going to be fine." Keeping the overseas lens, though, he warns, "We're becoming Europe. We're going to be growing at 1 or 2 percent. That's not real growth. That's not good for equities."
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