As the economy shows signs of emerging from the doldrums, the “easy money” for distressed investors may be over, warned Jeffery H. Aronson, managing principal at Centerbridge Partners.

Those brave enough last year to invest in troubled companies in the middle of the economic crisis have been rewarded as prices for distressed debt have steadily rebounded.

Those moving into the space now looking for similar profits will be disappointed, Aronson said Wednesday at the Dow Jones Daily Bankruptcy Review Restructuring & Turnaround Summit in New York.

“Last year my children could have bought something - all you needed was courage,” he said. “Today the prices are higher, as they should be. There is less risk.”

While the days when investors could “blindly buy something and make money” have passed, there are still opportunities in distressed companies, Aronson said.

A part to that opportunity will be making longer-term investments. Distressed investors often buy debt at low prices, fight through a bankruptcy, and then sell their stakes shortly after the company emerges from Chapter 11.

Aronson said he is taking a “longer view” with some of his investments. He said Centerbridge has brought on more operational experts to help portfolio companies fix or improve their business, not just their balance sheets.

The idea, Aronson said, is to hold on to companies, which after a restructuring are free of massive debt burdens, and reap the benefits of their improved performance.