Phoenix bets on stressed credit, shorts Blockbuster

The $165 million firm returned 158% in 2009 and is chasing abundant opportunities in the stressed bond markets.

Phoenix Investment Adviser, which manages a $165 million fixed-income strategy, is coming off of a spectacular year in which it returned 158%. Founder Jeffrey Peskind believes that “we’re now in the sweet spot of the credit cycle,” and he’s planning to take advantage by investing in attractively priced junk bonds.

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