- in 2008 fund closures became one of the canaries in the coal mine.
- Last week, Third Avenue Management shut down its $788m ‘Focused Credit Fund’ – a fund investing in corporate bonds.
- the oil price is now capped for the foreseeable future ...until we see some proper carnage in the corporate sector (we’re on the way there, the amount of distressed debt in oil and gas is picking up fast), we won’t see things bottom out
(Money Morning)
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