When Howard Marks’ Oaktree Capital set out to raise billions of dollars targeting troubled debt last spring, loan defaults seemed inevitable. Companies were teetering, people were hunkered inside and travel had come to a halt. “The firewood had been stacked,” Oaktree wrote in its presentation to investors. And the coronavirus was the lighter. Billions of dollars were raised at a record rate eyeing distress opportunities. Marks, whose memos are closely read by Warren Buffett, saw The post Distress investing is dead. Long live distress investing appeared first on The Real Deal New York.