Distressed investing is about more than identifying undervalued securities that emerge when the default probability for a company rises. For Arthur Kaz, that’s just step one. Using valuable experience gained at a bankruptcy consulting firm, Kaz came to the hedge fund industry with a deep understanding of how to guide a company through the operational and financial challenges that result from default. Our conversation on industries that have experienced large scale distress, including the auto and airline sectors, illustrates the manner in which distressed investing is about playing a role in crafting the post-bankruptcy capital structure. Pivoting to macro considerations, I solicit Kaz’s view on the fragility of credit markets, the risk of higher rates and the impact of ETFs. A wide-ranging conversation that I hope you enjoy.