Collection House: buying good debt with bad

There's much to like about Australia's second-largest debt collector, but one thing makes us nervous.

By any normal standard, nobody would want to look twice – or even once – at Collection House. The debt collector is packed to the rafters with defaulted loans, it’s losing market share, and would be among the first stung by an Australian recession. 

But Intelligent Investor can't be judged by normal standards. We love out-of-favour stocks, see opportunity in market panics, and we know that beneath rough and ugly surfaces, you can occasionally find diamonds. 

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