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2) “The game of (mostly buyout) GPs leveraging capital call credit facilities for juicing the j-curve is dead. The cost of interest on those floating rate facilities is nearly as high as the preferred rate of return”

Not only does Los Angeles still work, its 10 largest publicly-traded companies are No. 1 in sales and employee growth among the same group of firms based in each of the 10 most-populated US cities now and for the foreseeable future. bloomberg.com/opinion/articl…

Colm Kelleher suffered post-traumatic stress after being Morgan Stanley's CFO during the financial crisis As chair of UBS, the rescue of Credit Suisse brought back painful memories FT Weekend Magazine piece by @LauraNoonanFT and me, and edited by Matt Vella ft.com/content/c4ca9e…

Hugely important private equity story here from Antoine Gara and Eric Platt Private equity firms have started to borrow against their funds to backstop overly indebted portfolio companies Leverage on leverage on leverage Must read Financial Times ft.com/content/be9e09…

A decade after Michael Dell and Silver Lake’s Egon Durban took Dell private, they’ve mined their first big vein of cash (~$14.5bn) from an LBO experiment that has led to $70bn in overall gains. on.ft.com/47W4KwS

Biotech companies outside of California and the Acela Corridor have a horrible track record

CalPERS and CalSTRS are the country's two largest public pensions. Now they're both searching for new chief investment officers.

Anyone wondering whether the India juggernaut is sustainable will find the answer in bonds. bloomberg.com/opinion/articl…

A historic shift is under way in global markets as investors pull billions from China — and move much of that into India. Read The Big Take bloomberg.com/news/articles/… via Bloomberg Markets

Apple bought 32 AI companies in 2023.

The IMF is monitoring risks tied to private credit & calls for authorities to monitor everything from liquidity to leverage. "Given private credit’s size and role in credit creation—now large enough to compete directly with public markets—it may become macro-critical and amplify

If it’s 2020 or 2021 vintage - it has egg all over it. All of them. And the great ones came to us, said we messed up, and have reset. No need to dwell and drag and pretend. We all went to the party. Michael Eisenberg

"For the first time since 2013, California is home to the most Fortune 500 companies. The state was aided by new entrants, including Workday, DoorDash, and Monster Beverage." Alyson Shontell: fortune.com/2024/06/04/pro…

Tim Walz's finances (per Dan Primack newsletter)

The end of the 1 billion active user ad-supported consumer startup -- and why highly-monetizing, useful, vertical apps are the next thing It's been a long time since we last built a broadly horizontal consumer app like YouTube, Instagram, Linkedin, or Snapchat. In fact, I'm

A weeklong chronicle of capitalism: Sept 13: Kim Bhasin and Lily Meier use 50 interviews in Businessweek to show Nike losing its cool under John Donahoe Sept 19: Nike ousts him Today: Anders Melin reports it spent $104 million on him as it lost $40 billion bloomberg.com/news/articles/…

Exciting milestone. Just an inch away from 50,000 people reading my newsletter every week. Here’s the most recent. Thank you for being part of this growing community 🙏🏽 linkedin.com/pulse/behind-a…

Harvey Schwartz, CEO of The Carlyle Group, has joined LinkedIn, where he shares insights on leadership, market trends, and investing. Harvey is doing a great job at Carlyle and worth following. Please check out his posts. linkedin.com/in/harvey-schw…