Credit investors, who are notorious for their pessimism, are starting to feel a little better about the world.
At least those with a lot of cash are, and they could be at the leading edge of a nascent rebound.
Blackstone, the world's largest manager of alternative assets, is a prime example of this. It just unleashed the greatest amount of its cash in a quarter on corporate debt, private equity, and real estate in the three months ended Dec. 31, seeking to take advantage of depressed debt values, and more desperate conditions specifically in oil and gas companies.
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