You've got to admire Peter Briger's honesty.

Briger, co-chairman of Fortress Investment Group, is so unhappywith the current state of credit markets that he's prepared to giveinvestors their cash back rather than try to find somethingworthwhile to buy. Why? Because the credit-investing landscape isjust that bleak right now.

“We are in a period of time where the opportunity set is low,”Briger said on an earnings call Thursday. “We're really tryingnot to make marginal mediocre investments.”

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