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Hanif Mamdani: How one man turned the oil crash into a $1.2-billion win | Globe & Mail

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Invest like a legend: Hanif Mamdani - The Globe and MailBy Tim Shufelt for Globe & Mail – December 4, 2016

As with many great investments, one of the best bond trades in recent Canadian history
emerged through a haze of fear.

As the worst crude oil bust in decades was unfolding, reams of high-yield Canadian oil and
gas bonds sank to distressed prices as the market began to expect a wave of
bankruptcies.

Few at the time saw the sell-off as a rare and extraordinary opportunity, and most that
did were unable to capitalize.

“Market makers were telling me, ‘Hanif, you’re the only buyer in town,’ which was a little
unnerving,” said Hanif Mamdani, head of alternative investments for RBC Global Asset
Management.

He and his team scooped up more than $2-billion worth of higher-quality issues
discounted by as much as 40 per cent from face value. Now, with the Canadian oil patch
having rallied after a painful restructuring…

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