087: Lessons Learned From Party City's Bankruptcy

My story with Party City

PE of 4 is meaningless if the E doesn't grow

Be extremely careful around debt

The moat was weaker than it appeared

Not all debt is equal

Distressed equity investing

I look at portfolio debt

Where was the innovation?

New checklist item - Does management have a massive stake in the business? Are they in the same boat as me?

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