Why I Feel This Way About Investing

David X: I chose bankruptcy law in part because it was a field not a lot of folks wanted to go into. A month into the start of my work at a bankruptcy firm, which primarily represented creditors of companies in financial distress, October 1987, the stock market crashed. And smart investors realized that there was a way to invest sort of in a risk arbitrage format by buying senior debt instruments of distress companies as a pretty safe way to invest. If you're higher up in the capital structure, you're likely to be first in line.