Category: Current Events

Beware the private equity echo chamber

Beware the private equity echo chamber

This article raises 3 key issues related to private equity – 1) when there is a failed IPO do the PEs mark down the private valuation on the assumption that failed IPO implies that private value is too high?, 2) what is the process to ensure private sales and/or swaps are properly valued and arm’s …

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Brexit: Tick Tock, Tick Tock – Plan B: Parliament must Withdraw Article 50

Brexit: Tick Tock, Tick Tock – Plan B: Parliament must Withdraw Article 50

  Marley was dead: to begin with. There is no doubt whatever about that. The register of his burial was signed by the clergyman, the clerk, the undertaker, and the chief mourner. Scrooge signed it. And Scrooge’s name was good upon ‘Change, for anything he chose to put his hand to. Old Marley was as …

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There Have Never Been So Many Bonds That Are Almost Junk – The Wall Street journal

There Have Never Been So Many Bonds That Are Almost Junk – The Wall Street journal

There Have Never Been So Many Bonds That Are Almost Junk What is left unsaid in this article is that we still view risk through the prism of the rating agencies. Suppose a large % of the bonds clustering at near junk levels are really not investment grade? Is there rating agency inertia to downgrade …

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