"We have spent the last year and half making restructuring investments in high quality assets at deeply distressed prices to maximize gains in an economic recovery. In total we've invested over $20 billion in more than 40 different transactions. Now that these companies have repaired their capital structures, their equity offers substantial upside appreciation relative to downside risk. This is part of the cycle where we want to have long event exposure and do not want to be under-invested."
John Paulson
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