Coming back from Ft. Wayne Indiana last week I drove for 1 ½ hours in my Subaru Outback without touching the accelerator or brake! I actually went for almost ½ mile with no hands on the steering wheel. That experiment ended when a red warning light started to flash a message on my navigation screen, […]
No Hands on the Wheel Read More »
I don’t get why this $26 billion deal makes sense. I guess it is like buying Facebook or You Tube but without any retail consumers. I use Twitter solely to receive business and sports information and “follow” people and organizations whose opinion I admire. I do not use Facebook because I want to be private
When You Have $100 Billion in Cash You Buy LinkedIn Read More »
The sound barrier has been broken by all the TV networks and my ears are hurting badly. It is only June 15, 2016 and the big onslaught of paid for political garbage hasn’t even started and I still feel like I fell asleep next to an amplifier at a Grateful Dead concert. The incessant screeching
Breaking the Sound Barrier Read More »
Daniel Yergin is to oil what Seth Klarman is to stock Picking. I hold each of them in high esteem for being experts in their respective worlds. Mr. Yergin is a Pulitzer Prize winning author for his history of the petroleum industry from 1850 through 1990. Reviews call his book “The Prize” a “bible” and
Saudi Wins the Game of Oil Chicken Read More »
We recently received a Private Equity factsheet from Preqin. Founded in 2003 Preqin has become a trusted source of information about alternative asset strategies like private equity, venture capital, real estate, hedge funds and mezzanine funds. Many alternative asset managers share their performance statistics with Preqin and we are always interested in the trends they are
Private Equity Still on Top Read More »
I am sure the Department of Labor did not intend to benefit private equity sponsors when it announced it’s new “stockbrokers are fiduciaries” program. The fall out may already be starting, I was surprised to learn that JP Morgan will not allow its brokers to solicit trades in “non-investment grade” issuers. I really was shocked
New Broker Rules May Affect Capital Markets Read More »
We had lunch with the Chairman of one of our portfolio companies last week. He is a successful entrepreneur who owns and operates several businesses. By his own admission he loves business. However all the capitalists at the table agreed that the slow death by a thousand cuts of governmental regulation and red tape is
Bring Common Sense Back To Business Regulation Read More »
We recently had an opportunity to look at an interesting manufacturing company that was a participant in an underfunded multi- employer pension plan. While the target company’s deficit was small, the group plan to which they contribute was significantly underfunded. We could not move past the deficit overhang and declined to participate in the sale
Too Toxic To Touch Read More »
I am stunned by the rapid fire set of initiatives by the Labor Department under the leadership of the ambitious Thomas Perez. In the last six months he has called for changes in the minimum wage, the level of pay that will exempt an employee from overtime and the imposition of a fiduciary standard on
Hasty Rulemaking Will Alter Employment Relationships Read More »
In the last several weeks there have been a number of articles about negative yields on 10 year government bonds in Japan and Germany. In an article by Min Yeng in The Wall Street Journal titled “German Yields Near Zero” Jack McIntyre, a portfolio manager at Brandywine Global Investment Management is quoted about unchartered territory
War On Cash Should Start With Penny Read More »
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