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.
A new armory of weapons for punishing international transgressions or restoring global economic order has recently been displayed. Whether it is economic sanctions imposed by the US and the EU on Russia for unprovoked attacks on Ukraine or the Canadian government breaking up a trucker blockade by freezing credit cards, central authorities are showcasing highly […]
Weaponizing Financial Systems and Networks Read More »
Charlie Munger may be approaching 100 years old, but he is still sharp, and, more importantly, he is independent of the big money influences on Wall Street. Among that elite group is Larry Fink, Chairman and CEO of Black Rock. Black Rock dominates the index fund business with $10 Trillion under advisement. John Bogle, former
A Fink May Be Voting Your Index Shares Read More »
We are all getting a pretty good understanding of scarcity. When you combine it with demand you get $50 steaks and used cars worth more after 5 years and 40,000 miles than they were right off the lot. We are all hoping the demand for goods and services will fade away as people return to
Cryptocurrencies May Shine If Inflation Persists Read More »
Detective Harry Callahan, Dirty Harry, was played by Clint Eastwood in a series of movies beginning in the 1970’s. As a detective for the SFPD Dirty Harry was highly unconventional in his approach to policing. For example, he did not carry the standard issue police revolver, preferring instead a Smith and Wesson 29 that housed
Are You Feeling Wealthy, Punk? Read More »
The wealth management industry has a prediction dilemma. Like environmentalists trying to predict where you could safely preserve five trillion gallons of newly created fresh water, crafting an asset allocation strategy for 2022 is complicated. $5 Trillion is slightly more than the gallon volume of water in Seneca Lake which is the largest of the
Money, Like Water, Will Seek Equilibrium Read More »
Everyone likes momentum, especially mountain climbers. 2022 will present a” Seven Summits “challenge for US and world economies. That challenge was popularized by Richard Bass in 1985 who set out to summit the highest peaks on all seven continents. He was successful and his exploits demonstrate how connected and accessible world economies have become. Of
Momentum May Highlight Worldwide Winners Read More »
Does anyone really understand what it means for The Fed to “monetize” Treasury Debt it purchases? Does it evaporate? Is it just a book keeping entry? Does it have to be paid back? And to whom? I was curious enough to consult The Google with the following search “What Does Monetizing Debt Mean?” I ended
The Fed’s Balance Sheet Mirage Read More »
What if the future for the U.S. economy is a hybrid of stagnant GDP growth, and dramatically higher wage inflation? I am not an economist and I am reluctant to propose this, but is it possible we will have low growth in real GDP but lingering inflation? I have to keep reminding myself about how
The Federal Reserve Needs A Retired Person’s Perspective Read More »
As investors begin to understand inflation, including the possibility it may become an impossible headwind for “real” returns, everyone wants to know what to do now. Responses to my last blog demonstrated a grudging acceptance inflation is going to last longer than a cup of coffee. So now everyone is searching for a winning formula.
Inflation Changes The Investing Playbook Read More »
You have to be at least 70 years old to have any recollection of the economic environment of the late 70’s and early 80’s, when inflation grew from 3% to 15% and interest rates grew from 6% to 16%. I am also absolutely positive that very few of us are really prepared for the possibility
Inflation Is The Only Choice Left Read More »
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