For Angelo, Gordon & Co., bucking tradition goes hand-in-hand with making money. The investment adviser specializes in alternative investments such as distressed assets (nonperforming loans, junk bonds, and bankrupt or otherwise troubled companies), public-private partnerships, risk and convertible arbitrage, real estate, and private equity. The firm's strategy also involves hedging stock and bond investments and attempting to exploit market inefficiencies. Affiliate Angelo, Gordon Advisors offers multi-manager investment portfolios. Founded in 1988, the firm has about $27 billion in assets under management.