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For businesses without Warren Buffett’s “moat” protecting them, a new model existed: “capital as a moat.” Can’t beat them? Drown them in cash.
Reeves Wiedeman • Billion Dollar Loser: The Epic Rise and Spectacular Fall of Adam Neumann and WeWork
Blackstone, the world’s biggest private investment firm, called Sam to say that he thought a valuation of $20 billion was too high—and that Blackstone would invest at a valuation of $15 billion. “Sam said, ‘If you think it is too high, I’ll let you short a billion of our stock at a valuation of twenty billion,’ ” recalled Ramnik. “The guy said, ‘We
... See moreMichael Lewis • Going Infinite: The Rise and Fall of a New Tycoon
late stage capitalism
Sarah Drinkwater and • 18 cards
Sun Capital was able to reacquire Friendly’s free of its pension obligations, without spending anything more than the money it had already lent out. Pensioners lost in this process because their payments were at risk of being cut. Many of the chain’s existing employees lost as well: 63 restaurants closed as part of the bankruptcy process. The Blake
... See moreBrendan Ballou • When Private-Equity Firms Bankrupt Their Own Companies
Thus, if properly done, an investment of $5.5 million could yield a near-term return of $19.3 million. And this was only the beginning!
Michael P. Malone • James J. Hill: Empire Builder of the Northwest (The Oklahoma Western Biographies Book 12)
Public vs. Private Markets
Mark Fishman • 1 card
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