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...that analogy work? Private-equity firms used the same cheap credit that caused the housing bubble to buy companies. There are about 100 of these firms - KKR, Blackstone and Carlyle are some of the bigger ones - and they buy a company the same way we would buy a house. Put down about 20% and borrow about 80%. The big difference is, the company they're buying borrows the 80%, so they're the ones responsible for repayment. These loans were structured the same way and sold to the same people as mortgages. And the same kind of crazy prices were...
...haven't we seen more evidence of this yet? I think the media hasn't put it together, but it actually is starting. The default rate for the past 12 months is roughly 12% - that's very high. Half of those companies that have defaulted, according to Standard & Poor's, had some type of private-equity involvement in their corporate life. A lot of those are PE-owned companies, ranging from Chrysler to the Tribune Company to Simmons Bedding. We've already seen the tip of the iceberg...
...where you should put where your money...
...done for the practical benefit of humanity? It's helped our understanding of ourselves, yet compared to, say, the discovery of penicillin or the invention of the World Wide Web, I wonder why Darwin occupies this position at the pinnacle of esteem. I can only imagine he has been put there by a vast public relations exercise...
Three Harvard cross country stars made the trip yesterday to Terre Haute, Ind. for the 2009 NCAA Division I Cross Country Championships. Running against fields of the nation’s best, juniors Dan Chenoweth and Claire Richardson and sophomore Kailyn Kuzmuk put in strong performances...