Last week we began to respond to the WSJ op-ed by Andy Kessler in which he stated the glory days of private equity are over. We first reviewed how many ups and downs the industry has had over the past thirty or so years; at least seven stages, at the end of each of which…
It was apparently too much for Jerry. With things over-frothy in the buyout market, mega deals proliferating and purchase price multiple escalating, the co-founder of the largest buyout shop in the world announced he was leaving to start his own smaller practice. In moving on, Jerry said in an interview he would look for more…
How much direct lending capacity is in the middle market? Welcome to one of the most frequently asked (and most challenging) questions in the world of leveraged lending. Several factors make this question topical. First, banks are being forced to scale back their ambitions in “risky loans” as regulators bury them with restrictions. Non-regulated entities…
Last week we noted the coincidence between “Pi Day” and the birth date of Albert Einstein, but pondered any π connection with that other March 14 celebrity, Billy Crystal. One astute TLL reader (and keen observer of the pop scene) solved that riddle for us: Https://m.youtube.com/watch?v=ohmha1NsQRU. Well done. In closing out our series on loan pricing,…
We noted with interest the “Pi Day” celebrations last Saturday. 3/14/15 echoed that mathematical constant (the definition of which escapes us for the moment), spawned dozens of matrimonials, and marked the birth of Albert Einstein. March 14 was also the birthday of Billy Crystal, though we haven’t figured out the π connection there yet. Speaking…
Pricing flex is a relatively recent phenomenon in the history of leveraged loans. Prior to 1998 lead arrangers would price loans weeks, sometimes months, before launching transactions into the market. Because many lenders in the syndicate traditionally ended up being relationship banks, underwriters had relatively little risk those banks would flake on a deal if market…
Call it Bother of the Bride. The singer/guitarist of a wedding band posts a picture of the mother’s blue and black dress on Tumblr. Apparently other band members said it looked white and gold, so she wanted second opinions. Well, she got them – 500 within a half-hour. Then things went viral. Buzzfeed had almost…
News reached us this week of a new Dr. Seuss book to be published July 28th. “What Pet Should I Get” was apparently written by the legendary children’s author some fifty years ago, but thought to be lost. Mrs. Seuss discovered the manuscript (and two others) while she was “cleaning out his office.” Her husband…
From prehistoric times until 2003, human beings cumulatively created five exobytes of data. That’s five billion gigabytes. We now produce that much information every 48 hours. We send out 100 million emails every minute. Bombarded by this blizzard of bytes, we can’t possibly manage it coherently. What to do? Welcome to the era of content…
Last month we wrote a blog for the website of the New York chapter of the Association for Corporate Growth. For those who don’t know, ACG is the premier association for middle market professionals (your correspondent is a board member). The blog was on job searching; specifically, how job opportunities arise from networking. Based on…