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Folks who wanna trade in distressed debt or broken, screwed up companies are speculators.

1. Seth Klarman would disagree with you.
2. Are you suggesting GE, or the big banks, in late 2008-early 2009, when Buffett made investments in
those companies, did not have one of those "bad" characteristics you mention?
3. Howard Marks is a big time investor in distressed debt situations. He has a recent book titled
"The Most Important Thing: Uncommon Sense for the Thoughtful Investor." One of the factors that
convinced him to write the book was Warren Buffett. Why would a Value investor like Buffett agree
to write a forward for Howard Marks' book if he did not think the subject was quite relevant to
value investing?
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