How Private Equity Buried Payless: https://www.nytimes.com/2020/01/31/upshot/payless-private-equity-capitalism.html … Article tries (unsuccessfully) to condemn all PE, and capitalism generally, using Payless as the case study. But, some points raised are worth reflection and beg for nuance. PE is not a monolith. Here goes...
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There are smart people in Kansas (said painfully by the Missouri guy) and everywhere else. Elitism is a poison that harms everyone. Good ideas can come from anywhere. It starts with treating people as people — with respect and care.pic.twitter.com/bI1kES7goX
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Stuff happens. The only thing you can assume is that life won’t play out the way you predict. Sustainable businesses require a margin of safety — plenty of cash, redundancy, and time to get out of the muck and mire and think.pic.twitter.com/lDTogRvPus
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Piles of debt, a short shot clock, and high pressure create some phenomenal outcomes and a lot of lives destroyed. There’s a better way. Use less/little debt. Hire operators, not financiers, to run companies. Treat people as you'd want to be treated. Think long-term.
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To achieve this, sellers have to care more about who buys their company and what they do with it. LPs have to find GPs they can trust and lower their short-term return expectations. GPs must stop creating heads-I-win-tails-you-lose situations and aim to get rich slowly.
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If this sounds fanciful, you're probably right. Cynicism is usually accurate in the short term. But, we've tried to implement these ideas
@adventur_es and, so far, it's working. Are we doing things perfectly? Oh, hell no. But, we're trying and open to feedback. Fire away.Prikaži ovu nit
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The majority of private equity should not exist and would not exist if rates were normal. The LPs who chose those funds will feel the pain when the tide goes out.
Hvala. Twitter će to iskoristiti za poboljšanje vaše vremenske crte. PoništiPoništi
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