The Credit Investor's Handbook: Leveraged Loans, High Yield Bonds, and Distressed Debt (Wiley Finance) Hardcover – 25 Dec. 2023

A very practical credit book!

Very clear framework of credit analysis

As someone with over 10 years of experience in private equity, leverage finance, and M&A, I've explored numerous resources on financial analysis and investing. This book stands out as one of the best I've encountered for several reasons:1. Its structured approach to business and credit analysis is unparalleled, providing clear, step-by-step guidance that is invaluable for professionals in the field,2. The book strikes an optimal balance between being richly informative and concise. Every word serves a purpose, making it an efficient and effective resource for busy professionals.3. The inclusion of real-life examples further enhances the book's value, helping readers to apply theoretical concepts to practical situations,4. It provides the most recent market information and best practice insights.Overall, I highly recommend this book to anyone looking to deepen their understanding of financial analysis and investing.

I am a market maker early in my career and this book is quickly becoming the go to for credit analysis in the market.The insights and step by step approach to credit analysis outlined in this book has enabled me to gain a far deeper understanding of the company’s debt I trade, and I don’t have a finance degree.

The ideal guide to distressed debt and credit investing for anyone in finance - a genuinely practical book with step-by-step real-life applications.

As an avid reader and credit analyst, I have had the opportunity to delve into various works by esteemed authors such as Howard Marks, Ray Dalio, Benjamin Graham, and Stephen Moyer. While these books provided me with a solid theoretical foundation and simplified conceptual understanding of the market, I found myself searching for a resource that would bridge the gap between theory and practical application.This book surpassed my expectations by offering not only comprehensive insights into the intricacies of credit investing but also a practical framework for making informed investment decisions.As a credit analyst, covering both syndicated loans and private credit strategies, I often encountered challenges in understanding how top investors evaluate companies and mitigate risks effectively. Despite being exposed to numerous committees and discussions, I felt there was a missing piece in my understanding of the decision-making process.Upon reading the book, I experienced a profound shift in perspective. Your emphasis on pragmatism, emotional detachment, probabilistic thinking, and the importance of mitigating factors resonated deeply with me. I found myself connecting the dots faster and gaining a better understanding of my own biases and decision-making processes.The insights have not only enhanced my credit skills but have also empowered me to approach investments with a more nuanced and informed perspective.

The Credit Investor's Handbook is the first book to provide a clear methodology of disciplined credit analysis for market participants. The book is exceptionally well-written, combining the basic concepts, a complex work-along case-study and a practical real-world framework in an easy to comprehend style.Like any great teacher who profoundly understands his subject, Michael makes the complex simple with passion and humour. The insights provided by someone at one of the pre-eminent credit investment firms in the world have also improved my own organisation and methodology and I cannot praise the book highly enough. For anyone seeking to develop their career in credit analysis or build an understanding of unfamiliar market segments the book is required reading.