Avenue Capital's Marc Lasry tells the Bloomberg Hedge Fund Conference he's sitting on more cash...

|By:, SA News Editor

Avenue Capital's Marc Lasry tells the Bloomberg Hedge Fund Conference he's sitting on more cash than usual as he expects an end-of-year shakeout over fiscal cliff worries to provide tasty opportunities. A deal will get done, he says, but later rather than sooner. He's finding particular value in distressed debt, where 26% of high-yield paper is trading at distressed levels even with a default rate close to 1%.