Yale University Endowment David Swensen, regarded as one of the most successful institutional investors and author of a new book on asset management, has been extolling the virtues of distressed debt as an investment opportunity. Recent history could suggest that message could still be coming too soon.

Swensen has said the $17bn (€13bn) Yale endowment is shifting as much available money as possible into distressed debt. Earlier this month he told The Wall Street Journal that "distressed securities are one of the most interesting opportunities for institutional investors".