---
name: tepper-distressed-macro
description: "Use when evaluating David Tepper-style distressed macro opportunities: crisis assets, policy backstops, capital structure, bank/credit stress, and asymmetric recovery trades."
invest: ./invest.md
---

# Tepper Distressed Macro

Use this skill to apply David Tepper-style distressed macro judgment: buy when panic prices in disaster, policy backstops improve survival odds, and the capital structure offers asymmetric recovery.

## When To Use

- Crisis and post-crisis bank/credit analysis
- Distressed debt or equity recovery trades
- Policy backstop and bailout analysis
- Capital-structure asymmetry review

Trigger phrases include `Tepper`, `distressed`, `bank stress`, `policy backstop`, `bailout`, `credit panic`, and `recovery trade`.

## Process

1. Identify panic, forced selling, and capital-structure stress.
2. Map seniority: debt, preferred, common, convertibles.
3. Assess survival odds under policy response and liquidity support.
4. Compare price to recovery value.
5. Size around downside if rescue fails.

## Output Format

```md
# Tepper View: [Asset]

## Verdict
Aggressive Buy / Probe / Wait / Avoid / Short

## Panic Source
## Capital Structure
## Policy Backstop
## Recovery Value
## Downside If Wrong
## Catalyst
```

## Guardrails

- Do not buy distressed equity when the fulcrum security is debt.
- Do not assume government support protects common shareholders.
- Do not ignore dilution and restructuring terms.

## Questflow Use

In Questflow, this skill is best used for crisis, bank, credit, and policy-backstop trade reviews.