Distressed Asset Investors support Norwood23 October 2012Press Release Over the last seven years, the Distressed Investing industry has raised over £1million for this incredible organisation, and I hope that the generous support that the sector has shown Norwood, will continue for years to come. Goldman Sachs’s Chief Global Equity Strategist and Head of ECS (Economics, Commodities and Strategy Research) in Europe, Peter Oppenheimer, was guest of honour at Norwood’s seventh annual Distressed Investing Dinner, which raised £135,000 for the Charity. He was joined by over 200 industry experts at Claridge’s in Mayfair on Monday night. The event, generously sponsored by Gordon Brothers Ltd, generates vital funds for the Charity, supporting children, families, and people with learning disabilities, and is a highlight of the industry calendar. The guest speaker shared his views on the global economy and gave an in-depth perspective of the factors contributing to the long running financial crisis being experienced all over the world, which he described as an unwinding of huge imbalances that built up in the prior decade – a period of immense economic growth, and record profit margins in US and Europe. Analysing what went wrong he suggested that it was not only fundamentals, but also valuations of markets that were wrong from outset. In the late 90’s during the technological boom, equities reached a level of valuation which made unrealistic claims on future growth. Topics covered included – the savings and investment imbalances that resulted in China’s build-up of foreign exchange reserves which were recycled into US government debt, and Germany’s excess savings supporting previously overheating growth in Spain. He also covered the causes of rising government debt and low rates of GDP growth. He was more optimistic about short term cyclical prospects for growth than the medium term trend. Speaking at the event, Adam Plainer, Distressed Investing Dinner Committee Co-Chair, thanked his committee, sponsors, table hosts & guests and said: "We are delighted at the success of this year’s event. Over the last seven years, the Distressed Investing industry has raised over £1million for this incredible organisation, and I hope that the generous support that the sector has shown Norwood, will continue for years to come."