Pinboard (jerryking)
https://pinboard.in/u:jerryking/public/
recent bookmarks from jerrykingHow Wall Street Is Devastating Our National Security2024-03-13T18:57:03+00:00
https://www.promarket.org/2021/01/28/wall-street-danger-national-security-roomba-hedge-fund/
jerrykingcapitalism DARPA defence_contractors domestic_supply financialization financial_legerdemain financiers fragility hedge_funds iRobot military-industrial_complex patriotism Pentagon private_equity rare_earth_metals resource-allocation robotics security_&intelligence shareholder_activism short-sightedness short-term_thinking SPOF supply_chains vulnerabilities Wall_Streethttps://pinboard.in/https://pinboard.in/u:jerryking/b:9dbc0e90c0ab/A Niche Real-Estate Corner Goes Mainstream in the Digital Age2023-10-25T01:11:25+00:00
https://www.wsj.com/real-estate/commercial/a-niche-real-estate-corner-goes-mainstream-in-the-digital-age-e7e741f1?mod=hp_major_pos2#cxrecs_s
jerrykingartificial_intelligence AWS Big_Tech Blackstone cloud_computing commercial_real_estate data_centers electric_power Google Microsoft niches private_equity renewablehttps://pinboard.in/https://pinboard.in/u:jerryking/b:560a89bdec68/"Never Seen Anything Like It:" The Biggest Month in Antitrust in 50 Years2023-10-05T19:11:42+00:00
https://www.thebignewsletter.com/p/never-seen-anything-like-it-the-biggest
jerryking>antitrust<< was mostly dead. It had picked up a bit under Trump, but mostly no one thought much about this area of law. And the reason was pretty simple. Nothing was happening. The >>FTC<< was using its authority to go after powerless actors, such as Uber drivers, church organists, bull semen traders, and ice skating teachers.
The changeover has been absolutely stark, and it’s accelerating. Many of my sources in the >>competition policy<< world are giving me the same message, which is that this is the most extraordinary month they have ever seen in antitrust.
There are the big fights, the cases against Google and Amazon, the suits against >>private equity<< and meat >>price-fixing<<. There is also smaller stuff, the behind-the-scenes institutional changes, like funding levels for antitrust enforcers and newly populist conservative nominees for regulatory agencies that could make a more assertive competition agenda part of a new bipartisan consensus. The rearguard opposition to change is immensely powerful, but the forces of the status quo are actually losing.
What’s also fascinating is that public interest and attention is going up, and that it matters. Practitioners in antitrust used to have to explain what they do, now they are being pestered with questions by friends and family. We’re also getting hints, ever-so-slight ones, that judges themselves are starting to think about corporate power.
]]>antitrust FTC monopoly_power Big_Tech competition_policy Google newsletters price_fixing private_equityhttps://pinboard.in/https://pinboard.in/u:jerryking/b:8d1a9344aa76/Weston family shifts private investing strategy after $6.9-billion Selfridges sale - The Globe and Mail2023-07-02T17:51:32+00:00
https://www.theglobeandmail.com/business/article-weston-family-investing-strategy-selfridges-sale/
jerryking>The Weston Family's holding company, Wittington Investments Ltd. Wittington is looking to redeploy the proceeds of its estimated $6.9-billion sale Selfridges & Co. in 2021, into more innovative opportunities.<<]]>Loblaws private_equity Susan_Krashinsky angels corporate_investors early-stage family_office George_Weston investors moguls Wittington_Investmentshttps://pinboard.in/https://pinboard.in/u:jerryking/b:4890c57389e7/On Wall Street, Lawyers Make More Than Bankers Now - WSJ2023-06-23T05:52:41+00:00
https://www.wsj.com/articles/on-wall-street-lawyers-make-more-than-bankers-now-ae8070a7?mod=hp_lead_pos2
jerryking>top performers<< and changing dynamics at >>law firms<<. The trend took hold well before the recent slowdown in deal making dented banker pay......The Wall Street Journal spoke to more than 30 compensation experts, bankers and lawyers and reviewed pay data over more than 15 years.
Managing directors who aren’t in high-ranking leadership roles at banks make an average of between $1 million and $2 million most years, including bonuses often paid largely in stock, more or less unchanged from where it was two decades ago......Lawyers and bankers are the >>linchpins<< of >>Wall Street<<, working in tandem to facilitate all manner of maneuvers for the world’s biggest companies. Specialists in both professions help clients raise money, do deals and ward off unwanted suitors or investors.............The reasons for the shifting fortunes between the two groups are varied. No longer relegated to simply marking up contracts, today’s corporate lawyers are quasi-bankers, serving as sounding boards for corporate executives as they clash with regulators or wrestle with thorny issues such as >>succession<< planning. They have also received an outsize amount of work from the rise of >>private equity<<, a client base that was nowhere near as active 20 years ago.
At the same time, the law-firm industry’s compensation structure has been upended, as all but a few of the largest firms abandon what is called the lockstep pay structure in which partner payouts are solely based on seniority, rather than productivity. That has created a new era of bidding >>wars for talent<<, akin to sports teams stretching their wallets to sign **star players**.
Kirkland, in particular, put competition in overdrive over the past 15 years as it >>poached<< partners from other firms to jump-start its business. Kirkland has offered potential recruits deals that could be worth $20 million or more annually for the first few years, significantly more than most could make elsewhere.........Top lawyers currently charge more than $2,000 an hour for their time.
Some **high performers** at top firms earn more than $15 million, and an elite few get well over $20 million. Paul Weiss’s Scott Barshay and Kirkland’s James Sprayregen are often singled out as among the highest-paid lawyers on Wall Street. (JPMorgan Chase Chief Executive Jamie Dimon, by comparison, made $34.5 million last year, with most of it paid in company stock.)
While standout law firm partners might bring in around $20 million in annual revenue, >>superstars<< can bring in $100 million or more, said Rosen, the legal recruiter.
The riches can come at a price. Advising companies at their most critical moments means the work is 24/7. Rosen said it isn’t uncommon for his clients to work 18-hour days, on weekends. Bankers’ work can be similarly nonstop, but compensation for most hasn’t continued the trajectory it was on before the 2008 >>financial crisis<<........ the average managing director at a top-20 investment bank not leading a group made $1.9 million a year over the past three years (which included a standout 2021), compared with $1.9 million in 2007. And that is without accounting for inflation. Lower-level bankers are making even less on average than they were pre-crisis.......Pressure from regulators, increasing expenses and a move toward selling big banks’ brand names rather than individuals have all hurt pay. While it was typical before the financial crisis for so-called bulge-bracket banks such as Goldman Sachs Group and Morgan Stanley to spend well over 40% of revenue on pay, that figure is now much lower......It used to be common for bankers to retire in their 50s, having amassed sizable fortunes. That is less often seen now. .......don’t start shedding tears for investment bankers just yet. Their pay still dwarfs the median U.S. household income of around $70,000 a year. And star bankers—especially at independent advisory firms such as Centerview Partners—can still haul in a healthy eight-figure payday or more in a good year.
]]>Big_Law booming business_development compensation dealmakers deal-making eat_what_you_kill financial_crises growth hard-charging high-end hiring investment_banking Kirkland_Ellis law law_firms linchpins private_equity recruiting superstars talent top_performers Wall_Street winner-take-all work_ethic world-class succession war_for_talenthttps://pinboard.in/https://pinboard.in/u:jerryking/b:9f63be058a3c/Future Returns: Wealthy Families Are Leaning Into Riskier Investments2023-05-17T20:28:01+00:00
https://www.barrons.com/articles/future-returns-wealthy-families-are-leaning-into-riskier-investments-d9c560c
jerryking>secondaries<<, which are funds that buy private-equity positions from institutional investors, typically at a discount. This is happening more frequently as public stock market volatility pushes pension funds, endowments, and insurers, for example, to shed their growing number of less-volatile private market holdings so their overall portfolio stays within a prescribed >>asset allocation<<,
Family offices are more than happy to step in and buy these off-loaded private-equity positions at a discount.
**Turning to Private Credit **
It’s not terribly surprising to find wealthy families turning to private equity.... a solid 30% are considering boosting their allocation to it—in other words, they are more willing to lend to businesses through funds or other vehicles.
Currently, the families surveyed only allocate about 3% of their holdings to private credit, so the starting point is low,....But the fact that fewer families are in the sector now could be attractive to families who sense an opportunity compared to other, more highly valued sectors of the market.
Concern over the health of regional banks also could create more opportunities for the private sector to provide businesses with credit and liquidity....... family offices also like the fact that private credit provides them with seniority in a company’s capital structure (offering protection should the company go bankrupt), in addition to stable cash flows at a time of economic uncertainty, and incremental additional yield.
Another plus: Private credit historically has outperformed public loans in the past 10 years. .......“There is a certainty and speed of execution and a flexible nature of the transaction that [doesn’t] necessarily exist in the public markets,”
**No “Sea Change” in Hedge Funds**
Wealthy families have allocated 6% of their portfolios to hedge funds, on average, since 2021, and not much is expected to change on that front, although 15% do expect to move more money into the sector.
“Yes, on the margin, more money will be flowing [into hedge funds],”..... “No, it’s not a sea change.”
The reason is hedge funds largely exist to outperform when times get tough. Macro and multi-strategy hedge funds did that during the past two or three years.
“It’s a very defensive allocation,” he says. Wealthy families aren’t “necessarily looking for the utility of ‘>>risk-off<<’”.....“They’re going to lean into risk and add risk **when the chips are down** [i.e. = "difficult moments"/"difficult situations"], [and] not look for safer harbors, per se.”
One reason for the “>>risk-on<<” posture is that 76% of the families surveyed have operating companies that are generating cash, a situation that is not being replicated at institutional investors that depend on alumni donations in the case of a university endowment or funding from a state or employer in the case of major pension funds.
The cash inflow from an operating business “enables you to constantly seek interesting risk,”
]]>alternative_investments asset_allocation buyouts family_office hedge_funds high_net_worth high-risk holding_periods illiquidity investors moguls private_equity risk-off risk-on risk-tolerance secondary_buyouts secondary_markets uniqueness risk-seeking risk-appetite difficult_situationshttps://pinboard.in/https://pinboard.in/u:jerryking/b:1b191f47345c/Despite more than 1,000 restaurants in his portfolio, Foodtastic CEO Peter Mammas is hungry for more2023-03-24T15:56:54+00:00
https://www.theglobeandmail.com/business/rob-magazine/article-foodtastic-peter-mammas/
jerryking>Since 2016, Mammas has turned Foodtastic from a loose collection of Quebec restaurants with about $20 million in system sales into a fledgling empire poised to hit $1.2 billion in sales this year<<
Foodtastic was different. Its founder and CEO, Peter Mammas, had a long history in the restaurant business.....
At Foodtastic, Mammas oversees 23 restaurant brands—including Quesada, a deal that just recently closed—many of which were accumulated through acquisitions. Since 2016, he’s turned Foodtastic from a loose collection of Quebec restaurants with about $20 million in system sales into a fledgling empire with more than 1,000 restaurants poised to hit $1.2 billion in sales this year. He has a >>coffee chain (Second Cup)<<, >>casual dining<< (Milestones), quick service (Pita Pit), >>pubs<< (Fionn MacCool’s, Shoeless Joe’s), Mexican, Greek and Italian eateries, a microbrewery, and a handful of names mostly confined to Quebec. There are, for example, at least four separate entities comprising the “chicken portfolio,” as he calls it........... Mammas is constantly scouting for potential buys. His son first suggested that Foodtastic purchase Quesada after he found he was spending too much money there. Mammas will cold-call entrepreneurs, but he wants people to call him, too: At the bottom of every press release from Foodtastic is his personal mobile number. He’s nothing if not opportunistic, scooping up recognizable brands that have been beaten down amid the COVID-19 pandemic. In February, the company closed the deal to buy >>Freshii<< Inc. for $74.4 million, about 80% below the healthy-dining chain’s valuation when it went public five years ago. He bought Second Cup for even less—just $14 million, roughly. **Troubled brands** are the most appealing, in some ways. “The ones that are most advantageous for us are where we can fix them and then grow them,” Mammas says........And that’s the real challenge. Any entrepreneur can take advantage of a crisis to borrow money and buy some restaurants. It’s another thing to boost sales and bring in new customers........Mammas is still grappling with some of those questions even as he scouts for more deals. There are holes in the Foodtastic portfolio: no breakfast spots, no Asian cuisine, no quick-serve burgers....... in 2016, Mammas incorporated Foodtastic, along with his brother and a friend, to bring together five brands, one of which was a Quebec chain called La Belle et La Boeuf..........To grow Foodtastic, he needed money. Through a mutual friend, he met Jordan Rubin, who previously worked at Pershing Square Capital Management, the firm founded by activist investor Bill Ackman, which has a large stake in Restaurant Brands International. Rubin went into business for himself; he formed a joint partnership with an asset manager in California called Oaktree Capital Management to invest in restaurants. “My pitch to them was: ‘Listen, you know what MTY has done? We could replicate that,’” Mammas recalls. He secured a $47-million investment in 2018 from the partnership, called Restaurant Royalty Partners.......with a second round of funding in 2021, Foodtastic made at least eight acquisitions, including Second Cup, Copper Branch, Milestones, Pita Pit, Quesada and Freshii. With that, Foodtastic became a national player.
]]>brands cafés casual_dining CEOs chicken coffeehouses competitive_landscape conglomerates cost_savings Covid-19 entrepreneur expansion experimentation fallen_angels fast-food Foodtastic founders franchising Freshii funding hands-on M&A mergers_&_acquisitions Oaktree pandemics Peter_Mammas portfolios private_equity pubs Quebec restauranteurs restaurants roll_ups Second_Cup serial_acquirers supply_chain_squeezehttps://pinboard.in/https://pinboard.in/u:jerryking/b:fef0948faee0/Doesn’t anyone do due diligence any more? | Financial Times2022-12-06T04:26:06+00:00
https://www.ft.com/content/e739d9ed-b8ee-4d8e-ad29-0d01889d5775
jerryking>related-party<< [i.e. = "self-dealing"] transactions. Oddities in the cash flow then give potential funders strong justification to raise governance concerns.
++++++++++++++++++
I fear that there is something of a >>cultural malaise<<. Yesterday >>Martin Wolf<< referred to the dangers of **silos**. If you add in the problem of >>short attention<< span which seems more prevalent possibly due to our use of computers and digitization, I think that there is a risk that poor conclusions will be reached when conducting investment research/ due diligence. My sense is that many people are quick at processing data [i.e. = "information processing"] but perhaps not so good at questioning data and what it truly represents [i.e. = "sense-making"].
++++++++++++++++++
Exactly. I’ve seen funds do deals despite the due diligence coming back negative because the deal team has more clout than the risk team.
]]>accountability due_diligence FOMO FTX herd_behaviour investors OTPP private_equity Sequoia SoftBank Temasek Theranos Tiger_Global venture_capital financial_controls related-party self-dealing attention_spans information_processing Martin_Wolf sense-making silo_mentality cultural_malaisehttps://pinboard.in/https://pinboard.in/u:jerryking/b:a9db28b992fe/How we grow B2B PE portfolio companies | Powered by Search2022-10-02T21:45:29+00:00
https://www.poweredbysearch.com/private-equity/?twclid=2-27zu1gdheqown0tbjcfq1ij5n
jerrykingB2B private_equity SaaShttps://pinboard.in/https://pinboard.in/u:jerryking/b:253e84187001/Farewell thoughts on where the next global financial crisis will come from.2022-08-19T12:07:42+00:00
https://notes.pinboard.in/u:jerryking/d8716cf8e1463649b631
jerrykingasset_management farewells private_equity recessions self-dealing zombies hubris oligarchs John_Dizard financial_criseshttps://notes.pinboard.in/https://pinboard.in/u:jerryking/b:f546afa8ef46/Musk’s wild Twitter ride shows the power of private capital2022-08-18T12:01:53+00:00
https://www.ft.com/content/eab769fc-76f7-466f-8e7e-5f04c7cbcb24
jerrykingbuyouts co-investing due_diligence Elon_Musk hubris moguls private_equity Twitter libertarianshttps://pinboard.in/https://pinboard.in/u:jerryking/b:cbaa7767fa9d/Private-Equity Firms Hunt for Deals in Disrupted Supply Chains - WSJ2022-06-17T05:19:00+00:00
https://www.wsj.com/articles/private-equity-firms-hunt-for-deals-in-disrupted-supply-chains-11652094002?page=1
jerrykingcold_storage private_equity supply_chainshttps://pinboard.in/https://pinboard.in/u:jerryking/b:e87c8c8c3271/Power Corp. of Canada buys Lios Partners to create new agri-food private equity fund2022-04-01T02:02:57+00:00
https://www.theglobeandmail.com/business/article-power-corp-of-canada-buys-lios-partners-to-create-new-agri-food/
jerrykingagribusiness agriculture agritech Andrew_Willis buyouts clans financiers food foodservice food_tech investors LBOs mid-market Power_Corp. private_equity sustainabilityhttps://pinboard.in/https://pinboard.in/u:jerryking/b:b986e67a6092/Recognize Partners Raises Roughly $1.3 Billion for Maiden Fund - WSJ2022-03-21T00:28:30+00:00
https://www.wsj.com/articles/recognize-partners-raises-roughly-1-3-billion-for-maiden-fund-11642033061
jerrykingprivate_equityhttps://pinboard.in/https://pinboard.in/u:jerryking/b:0c17d5c56a61/Bronfman's firm, Quebec organizations partner on new fund for food industry2022-02-07T05:52:36+00:00
https://notes.pinboard.in/u:jerryking/d38b715fafe24998e89c
jerrykingagribusiness food private_equity Quebechttps://notes.pinboard.in/https://pinboard.in/u:jerryking/b:45020af6d35f/Big screen bets: novel platforms for investors in indie film2021-12-23T05:01:41+00:00
https://www.ft.com/content/d4924a75-aec8-49fe-856a-f5e062ed71f8
jerrykingblockbusters entertainment_industry films filmmakers financiers financing funding investors joint_ventures movies nonprofit platforms private_equity producers producer_mindset risk-aversion risk-sharing studios timidity Warner_Bros.https://pinboard.in/https://pinboard.in/u:jerryking/b:cf581f4d9ce5/Zooplus: private equity dogfight may yet yield winners | Financial Times2021-11-04T05:37:47+00:00
https://www.ft.com/content/1dc4b105-2e49-4068-8d7c-46bb1f421b32
jerrykingprivate_equity petcare Zooplushttps://pinboard.in/https://pinboard.in/u:jerryking/b:37f70b1eb239/JAB seeks to raise $5bn fund to invest in petcare2021-10-08T12:12:35+00:00
https://www.ft.com/content/93a23966-1b26-4e7b-aa0c-9ff2654e9990
jerrykinginvestors private_equity deal-making fundraising JAB petcare petshttps://pinboard.in/https://pinboard.in/u:jerryking/b:3ba36f41bf93/Amazon aggregators are walking into the dragon’s cave |2021-09-10T04:33:43+00:00
https://www.ft.com/content/abbf6bc2-93f1-4cbc-b596-9a7e6f814cfb
jerryking>margin<< is my opportunity.”/"staying hungry"]
Amazon has many ways of **squeezing margins out of merchants** [i.e. = "supply chain squeeze"]. The ecommerce company entices as many sellers as possible on to its platform to sharpen price competition. It can modify its listing fees [i.e. = "fees & commissions"] or tweak its recommendation >>algorithms<< in unknowable ways to promote or demote sellers. It can spot emerging trends in its sales data and launch rival own-brand products.[i.e. ="private labels"]......in spite of these well-advertised dangers, billions of dollars have been pouring into specialist investment funds [i.e. = "buyouts"/"private equity"] to snap up some of the platform’s most popular small merchants....74 such roll-up funds have raised almost $9bn since April 2020, including Thrasio, Berlin Brands Group and Perch......Why are investors keen to swallow such glaring risks?........The sketchy answer tells us much about the rapidly evolving dynamics of online marketplaces as well as the desperation of footloose investors to dance in the digital economy. Some adaptable merchants have thrived in Amazon’s marketplace thanks to its immense reach and logistics infrastructure........If Amazon is in the business of profitably intermediating data flows [i.e. = "information flows"] then others can acquire useful data intelligence [i.e. = "market intelligence"] from its site, too. Savvy aggregator funds can snap up the best-selling small merchants and deepen their insights into Amazon’s algorithms [i.e. = "reverse_engineer"] . The Boston-based Thrasio, which has raised $1.8bn of funding, now owns 150 brands and a portfolio of 22,000 products. Its ambition is to become a consumer goods [i.e. = "CPG"] heavyweight, a new Procter & Gamble designed for the digital age........Thrasio’s director of acquisitions, is familiar with the risks of operating on Amazon’s platform: “You are building your house on someone else’s real estate. But you cannot ignore the fact that most business has moved on to their real estate.” That said, Thrasio argues it can still make money by boosting the sales and fattening the margins of the merchants it acquires by injecting capital, platform knowhow, marketing muscle and supply chain expertise.....By helping to “industrialize” Amazon’s fragmented merchant base and providing high-quality and reliable listings and services, Thrasio says it is delivering what Amazon wants, making it a valuable partner. Thrasio rejects the idea that any aggregators are yet big enough to change the power dynamics on Amazon’s marketplace. “We are little blemishes on the sun.”
As well as bulking up, merchants can devise other ways to reduce their vulnerability. One way, outlined in the HBR article, is for merchants to use Amazon as a shop window while building their own direct-to-consumer business through services, such as Shopify, which provides digital tools and infrastructure to more than 1m businesses. As Tobi Lütke, Shopify’s chief executive says: “Amazon is trying to build an empire. Shopify is trying to arm the rebels.” A more political route is to lobby increasingly activist regulators to help keep Amazon honest.[i.e. = "contra-Amazon"]
Many Amazon merchants might still conclude it is a great time to sell out to exuberant, cash-rich aggregator funds. For investors in some of those funds, however, the story could have a less happy ending. The smartest may make a good return by de-risking muscled-up merchants. But in so doing they will only further strengthen Amazon’s >> market dominance <<.
]]>aggregation Amazon COVID-19 e-commerce fees_&_commissions Jeff_Bezos platforms retailers roll_ups third-party Thrasio algorithms books brands buyouts CPG digital_economy information_flows investors power_dynamics private_equity private_labels recommendation_engines contra-Amazon direct-to-consumer domination lobbying lobbyists regulators Shopify vulnerabilities Tobias_Lütke fragmented_markets market_dominance staying_hungry margins market_intelligence reverse_engineering supply_chain_squeezehttps://pinboard.in/https://pinboard.in/u:jerryking/b:3289ff2c6a4e/Frictions arise between Wall Street and private equity clients | Financial Times2021-08-31T21:18:12+00:00
https://www.ft.com/content/28104651-e297-4371-b08d-7a10b590c4e8
jerrykingfrictions investment_banking investors private_equity Wall_Streethttps://pinboard.in/https://pinboard.in/u:jerryking/b:6baefb7dc4b2/Learning From Failure In The Bathroom - Friday Forward (#284)2021-06-11T17:39:33+00:00
https://www.robertglazer.com/friday-forward/learning-from-mistakes/
jerrykinganti-portfolios categorization complacency error_correction failure fraud humility investors journaling lessons_learned mistakes openness overconfidence post-mortems private_equity quotes repetition Riverside_Capital Robert_Glazer systematic_approaches transparency note_taking Groundhog_Day Warren_Buffetthttps://pinboard.in/https://pinboard.in/u:jerryking/b:de97a0aa0cdb/The Englishman trying to save American bookstores from Amazon | Financial Times2021-06-04T17:05:09+00:00
https://www.ft.com/content/b943e6c1-f899-4fa4-b0d4-1b60cf51e5d0
jerrykingAmazon booksellers bookshops bookstores cost-cutting Daunt_Books decline determination distribution_channels downsizing e-books Elliott_Management founders layoffs mantras nerds pandemics reading ruthlessness shareholder_activism social_contract tough-mindedness turnarounds visual_cues Waterstones Barnes_&_Noble books contra-Amazon e-commerce James_Daunt private_equity publishing retailershttps://pinboard.in/https://pinboard.in/u:jerryking/b:1759e5557c80/Thoma Bravo agrees $12.3bn deal for cyber security group Proofpoint2021-04-26T15:26:47+00:00
https://www.ft.com/content/0475dc4f-f195-49f2-b58e-deedbca046a2
jerrykingcyber_security M&A mergers_&_acquisitions private_equity Thoma_Bravohttps://pinboard.in/https://pinboard.in/u:jerryking/b:d539d402fb17/With anchor funding in place, John Ruffolo’s Maverix Private Equity is in motion - The Globe and Mail2021-04-19T15:30:49+00:00
https://www.theglobeandmail.com/business/article-with-anchor-funding-in-place-john-ruffolos-maverix-private-equity-is/
jerrykingJohn_Ruffolo private_equityhttps://pinboard.in/https://pinboard.in/u:jerryking/b:ceb72e64c298/A truck nearly killed him, but venture capitalist John Ruffolo has kept moving forward - The Globe and Mail2021-03-20T18:23:18+00:00
https://www.theglobeandmail.com/business/article-a-truck-nearly-killed-him-but-venture-capitalist-john-ruffolo-has-kept/
jerrykingJohn_Ruffolo next_play private_equity willpower close_calls near-misses near-deathhttps://pinboard.in/https://pinboard.in/u:jerryking/b:c54bb96adb20/Opinion | Why a Recent Legal Decision May Upend Private Equity - The New York Times2021-03-02T04:27:34+00:00
https://www.nytimes.com/2021/02/28/opinion/business-economics/private-equity-reckoning.html?action=click&module=Opinion&pgtype=Homepage
jerrykingprivate_equity Wall_Street William_Cohanhttps://pinboard.in/https://pinboard.in/u:jerryking/b:bc87f9f64b16/Private equity: the generational feud that rocked Apollo2021-02-25T04:05:59+00:00
https://www.ft.com/content/7f43b824-aa07-11e9-b6ee-3cdf3174eb89
jerryking>money-making<< machines...........Debt markets were again convulsed [i.e. = "upheavals"] by financial crisis when Apollo poached Mr Siddiqui in 2008 from a smaller private equity firm. He graduated from Harvard Law School after stints in internet start-ups and consultancy, before moving to Goldman Sachs. “The rarest quality in junior people on Wall Street is willingness to invent,” says a person who supervised him there. “Imran brought that to work every day.”
In his first five years at Apollo, Mr Siddiqui worked with Mr Rowan to buy scraps of mispriced business from major insurance companies. They used them to build Athene into an insurance company with enough heft to be listed on the stock market.
In 2013 Apollo raised a new $18bn private equity fund — and Mr Siddiqui saw a chance to ask for more money. He also made two unusual requests. Instead of a bigger stake in Apollo or its funds, he asked for a stake in Athene. And he asked to borrow cash from Goldman and Apollo, so he could double down and buy even more Athene shares. While Apollo, too, has a large equity stake in Athene, which it says “creates a close alignment” between the companies, the move potentially put Mr Siddiqui at odds with his employer over the fees the firm extracted from the insurer.
The unorthodox pay package may have widened a cultural gap between Mr Siddiqui and some of his Apollo colleagues. He was a decade older than the private equity firm’s typical recruits, and some viewed him as aloof and arrogant, with a tendency to give unsolicited advice to his fellow partners on how to run their portfolio companies. Unlike peers who usually had a dozen or so deals at various stages of development, he was spending most of his time at Athene. Now, even as he ascended to the rank of senior partner with a prized slot on the Apollo Management committee, Mr Siddiqui’s $78.5m stake in Athene dwarfed his $20m holding of Apollo’s shares and also exceeded his participation in the firm’s private equity funds.
By mid-2015 Mr Siddiqui and Mr Rowan were set on a collision course [i.e. = "intergenerational rivalry"].
]]>Apollo betrayals character_traits dealmakers individual_initiative inventiveness moguls private_equity protégés Wall_Street young_people feuds insurance generational_change mispricing rarity career_paths skills HLS upheavals money-making intergenerational_rivalryhttps://pinboard.in/https://pinboard.in/u:jerryking/b:ba8f7b5c2c2d/Going digital quickly is a priority for private equity2021-01-29T22:59:22+00:00
https://www.ft.com/content/1ba9d897-d3b2-4786-a8c0-304617d817a7?desktop=true&segmentId=fe4987a4-0d36-0eb5-d88f-99ac7b30c569#myft:notification:weekly-email:content
jerrykingdigitalization digital_strategies private_equity privately_held_companies selling_a_business analog Apax boring disruption KPIs reinvention unglamoroushttps://pinboard.in/https://pinboard.in/u:jerryking/b:b4fc046bde97/Private equity’s new bet on sport: buy the league2021-01-24T18:36:39+00:00
https://www.ft.com/content/24e9fc43-4187-4884-8efe-7a6efb496f24
jerrykingprivate_equity rugby Silver_Lake sports institutional_investorshttps://pinboard.in/https://pinboard.in/u:jerryking/b:58efe4313436/The fight for the future of America’s local newspapers2021-01-22T03:37:26+00:00
https://www.ft.com/content/5c22075c-f1af-431d-bf39-becf9c54758b
jerrykingabandoned_fields advertising bankruptcies business_models cash-strapped civics community cost-cutting Covid-19 Craigslist digital_media economic_downturn Facebook Google hedge_funds high_net_worth investors journalism layoffs local_journalism newspapers newsstand_circulation playbooks print_journalism private_equity social_cohesion turnarounds vulture_investing zero-based_budgeting consolidation engaged_citizenry structural_declinehttps://pinboard.in/https://pinboard.in/u:jerryking/b:27ffa9313c4b/Area One Farms invests alongside farmers to help them expand, build sustainable operations2021-01-21T13:38:03+00:00
https://www.theglobeandmail.com/business/article-area-one-farms-invests-alongside-farmers-to-help-them-expand-build/
jerrykingagriculture farming Ivey Joelle_Faulkner Oxford private_equity Rhodes UWO vc venture_capital womenhttps://pinboard.in/https://pinboard.in/u:jerryking/b:a7bcc41f5240/Private equity firm explains why it backed a Kenyan flower company2020-12-09T05:50:13+00:00
https://www.howwemadeitinafrica.com/private-equity-firm-explains-why-it-backed-a-kenyan-flower-company/35467/?fbclid=IwAR0GzH04hFLT0DnH_Dxn4vYTHVZ4HtOqKn3wk_47f6YsQcMmfpkr9hcMFqw
jerrykingAfrica Agri-Vie agribusiness cut_flowers entrepreneur entrepreneurship farming florists Kariki Kenya Kenyans private_equity supply_chains sub-Saharan_Africahttps://pinboard.in/https://pinboard.in/u:jerryking/b:34ad894b2410/Unicorn in the patch: Calgary software firm Benevity achieves rare $1-billion valuation in deal with U.K. private equity firm2020-12-03T04:04:32+00:00
https://www.theglobeandmail.com/business/article-uk-private-equity-firm-to-buy-calgarys-benevity-for-more-than-us/
jerrykingCalgary charities CSR employee_engagement philanthropy private_equity privately_held_companies sellout_culture start_ups unicorns liquidity_events oil_patchhttps://pinboard.in/https://pinboard.in/u:jerryking/b:bc031512e78c/Taylor Swift Denounces Scooter Braun as Her Catalog Is Sold Again - The New York Times2020-11-21T01:43:17+00:00
https://www.nytimes.com/2020/11/16/arts/music/taylor-swift-scooter-braun-masters.html?action=click&module=Well&pgtype=Homepage§ion=Music
jerrykingartists assets Carlyle_Group investors music musicians music_industry music_labels music_licensing music_publishing power_to_obstruct private_equity property_rights selling_off talent_management Taylor_Swift music_catalogshttps://pinboard.in/https://pinboard.in/u:jerryking/b:501d8d32f003/The Trouble With Opportunity Zone Investments | Barron's2020-09-20T02:50:23+00:00
https://www.barrons.com/articles/the-trouble-with-opportunity-zone-investments-01600451555
jerrykingassets books capital_flows cities coastal_elites community economic_development economically_disadvantaged economies_of_scale high_net_worth howto industrial_policies industrial_midwest industrial_zones institutions investors low-income match-making midwest municipalities networks network_density norms P&G PPP place-based private_equity property_development prospectuses Red_States rescue_investing rust_belt tax_codes venture_capital production-&-packaginghttps://pinboard.in/https://pinboard.in/u:jerryking/b:9eee1c971b3b/Mark Carney joins Brookfield to launch ‘impact investing’ fund2020-08-26T19:15:44+00:00
https://www.ft.com/content/3bdcaa7f-0499-456a-9b94-d63168054568
jerrykingappointments asset_management Bain_Capital Brookfield Deval_Patrick impact_investing investing investors KKR Mark_Carney private_equity TBL TPG Howard_Marks Ron_Bloomhttps://pinboard.in/https://pinboard.in/u:jerryking/b:2b15d9d2a57c/America’s largest shopping mall owner gets a new tenant: itself2020-08-18T17:22:15+00:00
https://www.ft.com/content/f25ff5aa-e1b8-4296-903a-3fa3f85ecb44
jerrykinganchor_tenants bricks-and-mortar core_businesses department_stores economic_downturn e-commerce foot_traffic investors JCPenney landlords lockdown occupancy_rates opportunistic pandemics REITs shopping_malls store_closings bankruptcies brands Brookfield commercial_real_estate COVID-19 dealmakers diversification Neiman_Marcus physical_retail private_equity recessions retailers Simon_Property deal-making distressed_assets fallen_angels orphan_brandshttps://pinboard.in/https://pinboard.in/u:jerryking/b:2ca714415913/Coalition launches investment fund to help support Black businesses - The Globe and Mail2020-06-26T01:07:05+00:00
https://www.theglobeandmail.com/business/article-coalition-launches-investment-fund-to-help-support-black-businesses/
jerrykingAfrican_Canadians Bay_Street coalitions community_activism community_organizing organizational_capital philanthropy private_equity systemic_racism vc venture_capital capital_formation collective_action investors community-minded black-owned start_upshttps://pinboard.in/https://pinboard.in/u:jerryking/b:60eb0b0708a4/Silver Lake’s coronavirus bets: a make-or-break moment for Egon Durban2020-06-05T17:35:32+00:00
https://www.ft.com/content/cb4f8b5a-07c9-4880-a220-f4f5c56d4735
jerrykingAirBnB big_bets Dell Expedia investors pandemics Silver_Lake Skype technology travel Waymo COVID-19 dealmakers distressed_debt Egon_Durban Endeavor private_equity Twitter value_investing/investors fallen_angelshttps://pinboard.in/https://pinboard.in/u:jerryking/b:5f0922efc37f/The Coronavirus Pandemic Helped Topple J. Crew and Neiman Marcus. So Did Private Equity. - The New York Times2020-05-17T21:55:11+00:00
https://www.nytimes.com/2020/05/14/business/coronavirus-retail-bankruptcies-private-equity.html?action=click&module=Top%20Stories&pgtype=Homepage
jerrykingbankruptcies e-commerce pandemics private_equity retailers Neiman_Marcus Vanessa_Friedmanhttps://pinboard.in/https://pinboard.in/u:jerryking/b:cf765023bbe6/Brookfield to provide $5-billion to cash-strapped retailers for stake in business -2020-05-08T02:06:30+00:00
https://www.theglobeandmail.com/business/article-brookfield-to-provide-5-billion-to-cash-strapped-retailers-for-stake/
jerrykingBrookfield economic_downturn e-commerce investors lockdown opportunistic pandemics private_equity recessions retailers shopping_malls anchor_tenants bankruptcies cash-strapped commercial_real_estate COVID-19 funding landlords physical_retail store_closingshttps://pinboard.in/https://pinboard.in/u:jerryking/b:b921318416d1/How to protect Canadian innovation - The Globe and Mail2020-05-04T22:08:35+00:00
https://www.theglobeandmail.com/report-on-business/how-to-protect-canadian-innovation/article15172654/
jerrykingassets Canadian economic_nationalism Fairfax howto innovation patents playbooks private_equityhttps://pinboard.in/https://pinboard.in/u:jerryking/b:3cd1ac4f77f3/Scary Times for U.S. Companies Spell Boom for Restructuring Advisers2020-03-31T16:42:40+00:00
https://www.nytimes.com/2020/03/30/business/coronavirus-companies-restructuring-bankruptcy.html
jerrykingAlixPartners bailouts bankruptcies COVID-19 cruise_ships foot_traffic FTI law_firms private_equity retailers economic_downturn recessions turnarounds restructurings financial_criseshttps://pinboard.in/https://pinboard.in/u:jerryking/b:8e03c7e5ef12/Private equity firms target dealmaking opportunities amid turmoil2020-03-19T18:47:54+00:00
https://www.ft.com/content/7acbea18-6808-11ea-800d-da70cff6e4d3
jerrykingCOVID-19 deal-making kairos private_equity turmoilhttps://pinboard.in/https://pinboard.in/u:jerryking/b:8f4db8457d9a/The financiers who struck it rich on ‘Joker’2020-02-21T15:35:36+00:00
https://www.ft.com/content/cdfd594c-48ff-11ea-aeb3-955839e06441
jerryking>consumer demand<< for entertainment is “not terribly affected by recessions, capital market events or other >>exogenous factors<<”........the vast majority of the time when studios seek co-financing partners, sharing the risk is the right strategy......“Films based on new and unproven intellectual property carry significant financial risk that studios prudently share with outside financing partners,” Mr Ara said. “When it comes to predicting whether a picture will be a hit, as William Goldman famously said: ‘Nobody knows anything.’”.......James Cameron spent years trying to convince Fox to bankroll his futuristic science fiction movie featuring computer-generated aliens. Fox, which had been frustrated by Mr Cameron’s ballooning spending on their previous collaboration, Titanic, eventually agreed to finance Avatar. But only with the help of two private equity groups — Mr Mnuchin’s Dune Entertainment and Ingenious Media — which took on a reported 60 per cent of the financial risk. Avatar went on to break the record for global box-office sales.
]]>asset_management entertainment_industry films filmmakers financiers financing Hollywood investors joint_ventures movies private_equity producers producer_mindset risk-aversion sequels Steven_Mnuchin studios timidity Warner_Bros. blockbusters comic_books funding risk-sharing exogenous_shocks film_producers/production consumer_demand tent-polehttps://pinboard.in/https://pinboard.in/u:jerryking/b:1e5867bb5bbe/Private is the new public: The problem with tech stars chasing private money as they don’t file IPOs2020-01-12T11:06:27+00:00
https://www.theglobeandmail.com/business/technology/article-private-is-the-new-public-the-problem-with-tech-stars-chasing-private/
jerrykingBay_Street capital_markets IPOs liquidity_events PointClickCare private_equity privately_held_companies public_companies start_ups technology Tophatmonocle TSX TMXhttps://pinboard.in/https://pinboard.in/u:jerryking/b:c7d100baeaa4/The powerful forces reshaping America’s capital markets | Financial Times2019-12-15T12:07:58+00:00
https://www.ft.com/content/50dea950-f5b4-11e9-a79c-bc9acae3b654
jerrykingBlackRock capital_markets direct_listings exits IPOs investment_banking Laurence_Fink private_equity privately_held_companies public_companieshttps://pinboard.in/https://pinboard.in/u:jerryking/b:15eeffdd4bd9/US navy secretary warns of ‘fragile’ supply chain2019-11-05T15:36:23+00:00
https://www.ft.com/content/b9260d54-fcf4-11e9-98fd-4d6c20050229
jerrykingadversaries China developing_countries fragility industrial_policies maritime military-industrial_complex One_Belt_One_Road precision private_equity rivalries Russia security_&_intelligence supply_chains U.S._Navy SPOF domestic_supply trusted_capital Pentagon vulnerabilities defence_contractorshttps://pinboard.in/https://pinboard.in/u:jerryking/b:80d2c2a498ee/Stephen Schwarzman: ‘I like to do things that are beautiful’2019-09-21T04:52:14+00:00
https://www.ft.com/content/b5f3d5a4-d0a2-11e9-b018-ca4456540ea6
jerrykingBlackstone private_equity Stephen_Schwarzman books dealmakers philanthropy investors market_timing U.S.-China_relations alternative_investmentshttps://pinboard.in/https://pinboard.in/u:jerryking/b:4a865127bb7c/Meet the Investors Funding the Fast-Casual Boom2019-09-11T05:51:28+00:00
https://www.eater.com/2017/12/13/16743854/vc-investors-investment-firms-restaurants-chefs-fast-casual
jerrykingDanny_Meyer fast-casual investors private_equity restaurantshttps://pinboard.in/https://pinboard.in/u:jerryking/b:bee78c960123/Andrea Illy: adapting a family business to a multinational world2019-07-24T22:11:08+00:00
https://www.ft.com/content/45d20f58-a6e4-11e9-b6ee-3cdf3174eb89
jerrykingalliances boards_&_directors_&_governance climate_change coffee coopetition dynasties family family_business family-owned_businesses financial_buyers heirs high-quality investors JAB licensing Nestlé premium private_equity privately_held_companies stewardship sustainability the_counsel_of_the_dead virtuous_cycles Illycaffè Generation_Z millennialshttps://pinboard.in/https://pinboard.in/u:jerryking/b:edb91d70a635/White men run 98% of finance. Can philanthropy bring change?2019-06-18T02:04:55+00:00
https://www.ft.com/content/bc71f0c5-84cd-3554-9419-42e1ea9b32d7
jerrykingasset_management diversity endowments hedge_funds finance foundations Kresge meritocratic philanthropy private_equity real_estate results-driven structural_change under-representation white_men women social_engineeringhttps://pinboard.in/https://pinboard.in/u:jerryking/b:fd71b2270c00/How a private equity boom fuelled the world’s biggest law firm2019-06-07T16:37:24+00:00
https://www.ft.com/content/13696928-86d5-11e9-a028-86cea8523dc2
jerrykingBig_Law booming business_development Chicago concentration_risk dealmakers deal-making growth high-end hiring howto hustle Kirkland_Ellis law law_firms litigation mid-market organizational_culture poaching private_equity recruiting Robert_Smith talent turnover Wall_Street work_ethic world-class Vista financial_crises hard-charging compensation eat_what_you_kill superstars winner-take-allhttps://pinboard.in/https://pinboard.in/u:jerryking/b:155117cbcdc3/Robert Smith, the philanthropist with a gift for surprise | Financial Times2019-05-27T03:57:05+00:00
https://www.ft.com/content/f24077d2-7dfb-11e9-81d2-f785092ab560
jerrykingAfrican-Americans philanthropy private_equity Robert_Smithhttps://pinboard.in/https://pinboard.in/u:jerryking/b:118b70d77d85/How to funnel capital to the American heartland2019-04-16T02:50:36+00:00
https://www.ft.com/content/24246bbe-5f57-11e9-9300-0becfc937c37
jerrykingbooks capital_flows cities coastal_elites community economic_development economically_disadvantaged howto industrial_policies industrial_midwest industrial_zones institutions investors midwest municipalities P&G PPP private_equity prospectuses Red_States venture_capital high_net_worth match-making networks network_density property_development rescue_investing tax_codes place-based economies_of_scale rust_belt assets low-income norms production-&-packaginghttps://pinboard.in/https://pinboard.in/u:jerryking/b:bbcf2955aa82/Fred Malek, 82, Republican Fund-Raiser and Presidential Adviser, Dies - The New York Times2019-03-28T03:31:21+00:00
https://www.nytimes.com/2019/03/27/obituaries/fred-malek-dead.html
jerrykingHBS military_academies obituaries power_brokers investors McKinsey political_staffers private_equity Carlyle_Grouphttps://pinboard.in/https://pinboard.in/u:jerryking/b:a2f7486868ea/JAB’s Peter Harf: hire ambitious talent and give them a mission2019-02-18T05:00:36+00:00
https://www.ft.com/content/4f303624-303d-11e9-8744-e7016697f225
jerrykingBCG Berkshire_Hathaway beverages casual_dining coffee CPG dealmakers departures exits family_office family-owned_businesses HBS hiring investors JAB Keurig lifelong mission-driven private_equity portfolio_management ruthlessness talent troubleshooting Warren_Buffett deal-making commitments capped_priorities priorities performance-based inner_circle Ogilvy's_Lawhttps://pinboard.in/https://pinboard.in/u:jerryking/b:402c34f450d7/JAB chair Bart Becht quits in split with partners2019-01-15T14:33:00+00:00
https://www.ft.com/content/55c0c50e-17e6-11e9-b93e-f4351a53f1c3
jerrykingdealmakers departures exits family_office family-owned_businesses Keurig private_equity portfolio_management JAB CPG investors hard-charging time_horizonshttps://pinboard.in/https://pinboard.in/u:jerryking/b:1fc04ff5e001/The family offices using venture capital to involve younger members | Financial Times2018-10-21T16:58:45+00:00
https://www.ft.com/content/1a650a54-cbf8-11e8-8d0b-a6539b949662
jerrykingfamily_office private_equity venture_capitalhttps://pinboard.in/https://pinboard.in/u:jerryking/b:7931e83966a1/How Canada's Serruya Family Made Some $300 Million Off A Bunch Of Faded Food-Service Brands2018-10-09T16:19:21+00:00
https://www.forbes.com/sites/amyfeldman/2016/06/19/how-canadas-serruya-family-made-some-300-million-off-a-bunch-of-faded-food-service-brands/#140652e24d8b
jerrykingice_cream private_equity Toronto franchising cold_storage brands foodservice Serruya fallen_angelshttps://pinboard.in/https://pinboard.in/u:jerryking/b:5dd79f9b989e/Bay Street and backroads - Western Alumni2018-09-28T16:11:38+00:00
http://www.alumni.westernu.ca/alumni-gazette/fall-2018/bay-street-and-backroads.html
jerrykingagriculture alumni Bay_Street farming farmland investors Ivey Joelle_Faulkner lawyers private_equity Rhodes Stanford UWO women Oxfordhttps://pinboard.in/https://pinboard.in/u:jerryking/b:f5de5ab31ee1/3 Investments That May Have Hit Their Peak - The New York Times2018-09-15T11:10:05+00:00
https://www.nytimes.com/2018/09/14/your-money/investment-private-equity-venture-capital.html?rref=collection%2Fsectioncollection%2Fbusiness
jerrykingasset_classes high_net_worth investors Michael_Sonnenfeldt private_equity real_estate Tiger21 venture_capital wealth_managementhttps://pinboard.in/https://pinboard.in/u:jerryking/b:b646e73c3ea5/Old-Money Billionaires Are Chasing New Tech Riches - WSJ2018-08-04T01:47:01+00:00
https://www.wsj.com/articles/old-money-billionaires-are-chasing-new-tech-riches-1533294003?mod=hp_lead_pos8
jerrykinghigh_net_worth angels family_office private_equity venture_capital vchttps://pinboard.in/https://pinboard.in/u:jerryking/b:3d4f79c0d3d5/Billionaire’s Secret Buyout Formula: 110 Instructions and an Intelligence Test - WSJ2018-07-10T00:58:40+00:00
https://www.wsj.com/articles/billionaires-secret-buyout-formula-110-instructions-and-an-intelligence-test-1531151197?mod=hp_lead_pos8
jerrykingRobert_Smith African-Americans private_equity buyoutshttps://pinboard.in/https://pinboard.in/u:jerryking/b:aec14a1d4b7b/Investment fund makes $1-billion bet on owners who control their companies - The Globe and Mail2018-06-19T13:50:51+00:00
https://www.theglobeandmail.com/business/article-investment-fund-makes-1-billion-bet-on-owners-who-control-their/
jerrykingAndrew_Willis owners private_equity mid-market mid-sized global_champions CEOs privately_held_companieshttps://pinboard.in/u:jerryking/b:abe74290cf0a/An unusual family approach to investing2018-05-31T22:33:43+00:00
https://www.ft.com/content/1bb6e766-6329-11e8-a39d-4df188287fff
jerryking>long-term growth<< provided the business is efficiently run.
This is more congenial than heading a public company and contending with a huge variety of shareholders, including short-term and activist investors. It is also less risky than being bought by 3G Capital, the cost-cutting private equity group with which Mr Buffett teamed up to acquire Kraft Heinz. While 3G is expert at eliminating expenses it is less so at encouraging growth.
]]>coffee dynasties high_net_worth holding_periods investing investors JAB long-term Nestlé private_equity privately_held_companies Unilever unusual Warren_Buffett family cafés Pret_A_Manger 3G_Capital discretion entrepreneur boring family_business Pritzker heirs long-term_growthhttps://pinboard.in/https://pinboard.in/u:jerryking/b:641a603fd0fb/Private equity executives discover new backers2018-05-09T03:43:38+00:00
https://www.ft.com/content/b0130136-4fb7-11e8-a7a9-37318e776bab
jerrykingprivate_equityhttps://pinboard.in/https://pinboard.in/u:jerryking/b:dc89b31877d0/Self-made entrepreneur Samuel Belzberg built a family dynasty - The Globe and Mail2018-04-03T15:50:12+00:00
https://www.theglobeandmail.com/business/article-self-made-entrepreneur-samuel-belzberg-built-a-family-dynasty/
jerrykingself-made obituaries '80s family-owned_businesses family_business dynasties entrepreneur investors private_equityhttps://pinboard.in/https://pinboard.in/u:jerryking/b:c605673de56b/How One Investor Made a Fortune Picking Over the Retail Apocalypse - WSJ2018-03-22T01:26:33+00:00
https://www.wsj.com/articles/how-one-investor-made-a-fortune-picking-over-the-retail-apocalypse-1521643491
jerrykingprivate_equity retailers cost-cutting investors bricks-and-mortar apparel Staples selling_offhttps://pinboard.in/https://pinboard.in/u:jerryking/b:10ac063e206c/Peter Peterson, Blackstone Co-Founder, Dies At 91 - WSJ2018-03-20T19:27:44+00:00
https://www.wsj.com/articles/peter-peterson-blackstone-co-founder-dies-at-91-1521572478
jerrykingBlackstone private_equity obituarieshttps://pinboard.in/https://pinboard.in/u:jerryking/b:025507fdb98e/