Resources
Trends Toward Long-Hold:
Exploring Holding Companies in the Search Fund Ecosystem (co-written by Westerly Group Cofounder Rich Littlehale)
Why entrepreneurs and investors like holding companies, and what theyshould be wary of.
Alex Bridgeman’s Think Like an Owner Podcast (Ep. 57): ‘Investing in Permanent Capital Vehicles’.
Westerly Group was founded on the principle of supporting acquisition entrepreneurs with committed, permanent capital to pursue a specific industry thesis over an indefinite time horizon.
Silver Lake Launches New 25-Year Investment Strategy Backed by Mubadala
Abu Dhabi fund’s $2 billion contribution comes as buyout firm nears completion of new $18 billion-plus flagship fund
Warren Buffett and the $300,000 Haircut
There’s a reason the Oracle of Omaha is an ultra billionaire as he turns 90: He grasped the power of compounding at the age of 10. The sooner the rest of us fully understand it, the better off we’ll be.
Private Equity Firms’ Incestuous New Strategy
Raise a new fund. Buy your old fund’s assets. Repeat.
Resources & General Interest:
Qualified Small Business Stock (QSBS)
Qualified small business stock (QSBS) refers to shares of a qualified small business (QSB) as defined by the Internal Revenue Code (IRC). A QSB is an active domestic C corporation whose gross assets—valued at the original cost—do not exceed $50 million on and immediately after its stock issuance.
A PRAGMATIC, NON-VISIONARY BUSINESS WORLDVIEW: LESSONS FROM THE OUTSIDERS
Will Thorndike is an investor and author of The Outsiders, a study of eight unconventional CEOs who did an exceptional job of allocating capital in their businesses. In this presentation from Tugboat Institute Summit 2019, Will shares the essential lessons of the CEOs he profiled in his book, as well as updated insights.
What Will The Investors of 2040, Wish They Had Been Doing in 2019
I wish I had been a VC in the 90’s. And those people wish they had been doing LBO’s in the 80’s. And those people wish they had been doing high yield credit in the 70’s.
Former Guggenheim President Todd Boehly Is Growing His Investment Empire, From the Dodgers to Collateralized Loans
Todd Boehly’s visit to Topeka, Kan., wasn’t going as planned. It was one of his earlier trips in his negotiations to buy life insurer Security Benefit, but one dark morning in 2010 after his cab dropped him off, he found that the doors of his hotel did not open. The front desk was empty, his…
Buy-and-Build: A Powerful PE Strategy, but Hard to Pull Off
This article is part of Bain’s 2019 Global Private Equity Report. This section looks at how a growing number of GPs are facing down rising deal multiples by using buy-and-build strategies as a form of multiple arbitrage. Explore the contents of the report here or download the PDF to read the full report.