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


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%.

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