The Private Equity for Families Blog provides insight, information and opinion for successful families who want to include in their portfolios private equity or direct investment in privately-held businesses.
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 »
Key Private Bank publishes periodic updates on sectors of the economy they cover from an equity research standpoint. In one of their latest publications “Key Perspectives: Energy Outlook March 2016 – Revisiting Lower For Longer” Stephen Hoedt wrote an update on his publication from November regarding the duration of the oil and gas supply glut.
Debt Is An Insistent Mistress Read More »
I participated in a one day strategy session for one of our portfolio companies where the lunch time entertainment was a You Tube video of Patrick Lencioni speaking about his business bestseller “Overcoming the Five Dysfunctions of a Team”. I don’t know if our facilitator was suggesting our management team was dysfunctional but I know
Five Foes of Team Success Read More »
I have noticed one constant about confirmed retirees. Universally, they rarely talk about what they did for their careers. I mean almost never. I have met, played golf with, played tennis with, skied with, gone to dinner with and had a few beers with an assortment of people who literally powered the GDP of America
Whenever there is something written about Seth Klarman, or even more importantly, when the man speaks himself, I stop whatever I am doing to read or listen. Mr. Klarman is the founder of Baupost Group which is one of the best performing hedge funds of all time. What I like about Mr. Klarman is his
Why Seth Klarman Is Sitting On His Wallet Read More »
The cost of an education in Chicago is going up. In its weekly fixed income update Wasmer Schroeder, a fixed income manager with offices in Cleveland and Florida, announced a failed financing: “The Chicago Board of Education attempted to bring $874 million in bonds to market last week, with most of the proceeds earmarked towards
The Case for Paying Fees Read More »
Make Sure You Locate the Cashier A trip to Las Vegas is always interesting. If you are willing to trade light deprivation, sensory overload and spacial disorientation for free drinks, great people watching and endless opportunities to lose money, this is nirvana. Recently, I had the opportunity to spend three nights at Planet Hollywood while
Checking Into the Roach Motel Read More »
I love it when our country comes together as it did last Wednesday night. There was so much expectation after a long hiatus. There were long lines in Washington especially around the Capitol where Republican and Democratic campaign fundraising had stalled. Planning for what we would do with $930 million when we won the POWERBALL
Something We Can All Unite Around Read More »
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