The great USA reset: why I'm getting out now

TL;DR

Scott Galloway argues that distressed investing is the highest-return asset class because it is ugly, complicated, and avoided by most people. He details three specific distressed bets—FTX bankruptcy claims (22 cents on the dollar, projected 160 cents return), Enjoy vape company (30x after FDA approval and sale to Altria), and Dex Media Yellow Pages (10x via consolidation and CRM transition).

Key insights

• Distressed investing consistently produces the best returns because it is unsexy, smells bad, and requires real work; the sexier the asset class, the lower the returns.
• Buying FTX bankruptcy claims for 22 cents on the dollar required finding a market maker (Thomas Brazil), verifying ownership, legally transferring claims, and handling disputes (e.g., a claim sold twi
• Enjoy was a regulatory play: brought out of bankruptcy at $60M valuation, invested $2.5M, survived popcorn-lung panic and FDA approval process, then sold to Altria for ~$2.2B (30x); Galloway gave away