We continue our special series with the third of our “Five Biggest Private Capital Surprises of 2020:” Surprise #3: Where Are the Distressed Loans? Last April the CEO of a large asset manager said the volume of potential distressed credit investments could be $1 trillion. COVID, he said, presented “a massive opportunity to deploy capital […]
We continue our special series with the second of our “Five Biggest Private Capital Surprises of 2020:” Surprise #2: Non-Correlated Trends – Infections, Markets, and the Economy At their lowest moments in the Global Financial Crisis and the Global Biological Crisis, financial markets swooned in synch as investors found no safe havens. Bad news sunk […]
Because last year was so unique, to really capture its themes adequately we’re kick off our special series: “The Five Biggest Private Capital Surprises of 2020.” Surprise #1: The Market Snap-Back Hard to remember now, but by last March 23rd the Dow plunged almost 11,000 points in less than six weeks to 18,592. Today it […]
December was lost in a fog of masks and Netflix bingeing. But one item that penetrated our consciousness was a superb credit webinar, courtesy Lincoln International. Their data, gleaned from over 1600 portfolio companies, are a strong proxy for private credit behavior: For example, sector performance underlined valuation advantages for less COVID-impacted industries such as […]
As we wrap up our special SPAC series, let’s take a look at the performance of these vehicles over time. According to research firm Renaissance Capital, of the 200-plus SPACs launched since 2015, 107 have completed mergers and gone public. Shares in those issuers averaged a loss of 14%. Compare that to an average regular-way […]
Workers unwrapping the Christmas tree at Rockefeller Center last month found a little present. The 75-foot high Norway spruce from Oneanta, NY was sheltering what appeared to be a baby owl. The stowaway turned out to be an adult northern sawhet that hid in the branches until it was discovered. No word whether “Rocky” planned […]
For Thanksgiving the noted sommelier and “lifestyle director” Sara Lehman reviewed eleven wines – cabernets, pinot grigios and rosés – all under $10. Selections came from Trader Joe’s (“It’s reminding me of apple juice”), Costco (“Give it a nice swirl first”), and BJ’s (“I’m getting some barnyard”). The winner? Target: “If I were to bring […]
Besides COVID, the elections, and what the fifth instalment of the Scream series will be called (it’s not Scream 5), what’s getting the most attention is SPACs, or special purpose acquisition companies. These are publicly traded shells with cash looking to buy businesses. SPACs were originally designed to help smaller companies access public equity. For […]
Answer: For most of US history, it was March 4, not January 20.Question: What is Inauguration Day? We found ourselves channeling our inner Alex Trebek this week as the nation’s attention began shifting from elections to vaccines. Pfizer’s trial results sent Wall Street to record highs. But on Main Street rising infections are propelling a […]
Given all that’s gone on this year, it’s unsurprising that Election Day came and went, with only a big “TBD” to show for it. Results now are mostly in, but this uncertainty had little impact on the capital markets. The S&P had its best week since April and bond yields sank only mildly. As is […]