Equity investors think private equity funds will show no profits on their current deals, which contrasts sharply with portfolio company valuations.
Read more...CalPERS has engaged in one of the most bone-headed moves ever, the financial equivalent of picking up pennies before a steamroller.
Read more...California State Controller Betty Yee makes some underwhelming private equity reform proposals.
Read more...Central counterparties, also known as central clearinghouses, were supposed to reduce systemic risk. That story is not playing out according to its script.
Read more...Investors are piling into risky, illiquid assets at the worst possible time and for the worst reason: to fake performance.
Read more...CalPERS’ CEO Anne Stausboll unexpectedly announced her plan to retire. The most probable explanation does not reflect well on her.
Read more...Buying at the peak rarely works out, as private equity’s pre-crisis mega deals confirm. Yet general partners fared really well.
Read more...Fund manager cash holdings are at crisis-bottom levels, typically a sound bullish indicator. But will history predict the future this time?
Read more...Yves here. Sometimes it is best to let things speak for themselves. In that spirit, I am embedding a very important paper by the well-respected investment management firm GMO which debunks the tenets of “sound finance,” meaning the claim that governments need to balance their budgets. I expect to be referring to it regularly, particularly […]
Read more...Dave here. The markets have taken a beating in 2016, and while the fallacy of thinking the market=the economy seems like an oversimplification, this post provides a competing viewpoint that, without taking a position in affirmation or dissent, I thought I would offer up for discussion. For some background, you can read Edward’s other posts […]
Read more...CalPERS keeps putting its hand in the buzzsaw by presenting misleading or outright false information about private equity fees and costs.
Read more...Standard & Poors warns of the worst drop in the “net outlook bias” for bond investors since the financial crisis.
Read more...Puerto Rico fails to pay $37.3 million in bonds due today. While investors and analysts call it a bluff, the stakes are quite real.
Read more...I have wanted to leave CalPERS alone. Really. Truly. But they keep asking for attention in the worst possible way.
Read more...The IPO market shutting down does not bode well for private equity returns, and may be sending a warning about real economy prospects.
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