There is a solid mess out there in the world, and financial markets tend to amplify the severity of non-zero probabilities, and then swing back and forth between severities
The Caesars Palace Coup: How a Billionaire Brawl Over the Famous Casino Exposed the Corruption of the Private Equity Industry
If you don’t know what I mean, then you should be reading it. Directional vector and sustainability of ROIC. Cash earnings. DCF Framework. Reverse engineering input estimates implied by current valuation. Older than him, but reps are important.
The full interview starts on page 10.
There is no doubt, in my mind, that the SEC is a political animal, no different that any government agency. Any cursory look at history
AI is new and interesting and thus it pays to skim widely to tentatively take at least mental positions on where it may or may
These two commentators – Nell Minow and Aswath Damodaran – sum up the topic as well as any. CSC says the following: It is interesting
After 44 Years, We Are Moving from Buy to Sell
Purloined from The Skorina Letter which was lifted from a Ted Seides interview with Wash U CIO, Scott Wilson. The trustees observed that the best
This is way too long to read, unless of course you think that understanding business strategy, management, and execution are important variables in investing for
If a PM can get 80% up to speed in 3 minutes of reading before he starts to exercise judgment and how to allocate time, that guts a lot of the graduating class of 2026 and Office licenses
I am focused on the money. I have wasted a lot of time in this space and by no means claim my Black 8 Ball has it wired. But at the present time, the “math” on trillions doesn’t produce a tangible return to those spending it.
I love quant shops that produce well-reasoned thought pieces with all that “data and stuff” that support well-reasoned and well written pieces generated here at
It is a long held opinion that supersized voting rights in excess of economic interests is a terrible idea.
If one practices “active” investment management, then one implicitly assumes there is some form of inefficiency in financial markets and we can debate its source over cocktails one night. Blackrock…
While all else is never equal, we freeze this debate to make this point. Companies that end up staying in business tend to produce some
From time to time, we get very involved with our investments at the Board level. And one of the points we try to drive through
From the Charles Skorina newsletter: Chief investment officers, investment staffs (and OCIOs) earn serious money for their schools and cost a relative pittance to maintain.
The concept of holding yourself out to the world as someone still willing to selectively accept “other people’s money” in a professional money management capacity
Corpgov.law.harvard.edu is actually a pretty good website that captures most of the bigger governance issues of the day and is a late 2025 signup. This
PE Manager is selling an investment in Fund 1 to its Fund 2 at a discounted value and thus screwing investors in Fund 1.
There is NOT a word for word recitation of the ever expanding mostly made-up laundry list of disclaimers to start an earnings call. Note “there
The democratization of private equity is not democracy, it is marketing.
The recent fun and games involving the NBA and the gambling indictments are certainly amusing on their own merits, but do they say something
Regulation can be viewed as the Full-Time Employment Act for Lawyers. Some things are complicated both in their nature and the way change can morph
Doomscrolling in financial market journalism and commentary was so “way before” the current cellphone doomscrolling phenomena. And I am sure it was popular on stone
The mind can wander. This is a big corporate bankruptcy, and you haven’t seen many of them, given the sheer tidal wave of dollars that
“Based on analysts’ LinkedIn profiles, we identify a robust negative correlation between the expressive tone conveyed in their self-presentations and forecast accuracy, particularly among male
