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Orlando Bravo discusses how private equity has changed over time "It used to be that for those old school deals, if you look at the returns, two thirds of the returns would come from cash flow and the yield, and a little bit from the terminal value. Today, it... show more

Boring_Business

145,432 subscribers

122,052 просмотров • 9 месяцев назад •via X (Twitter)

Новости и политика Образование Финансы

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There are two types of investors: those that run towards volatility and those who hide from it. The best investors know they need it if they want to drive attractive returns.

There are two types of investors: those that run towards volatility and those who hide from it. The best investors know they need it if they want to drive attractive returns.

Anthony Pompliano 🌪

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𝗕𝗥𝗔𝗗’𝗦 𝗕𝗔𝗖𝗞 𝗛𝗢𝗠𝗘 ⏪ The golden boy returns… He used to watch from the stands. Now he’s stepping onto the ice at the AO Arena. A full-circle moment for Brad, and one that means a little more when you know where it started! 👀 Take a look behind the scenes as he returns to where it all began… 🗞️ #Homecoming | AO Arena

𝗕𝗥𝗔𝗗’𝗦 𝗕𝗔𝗖𝗞 𝗛𝗢𝗠𝗘 ⏪ The golden boy returns… He used to watch from the stands. Now he’s stepping onto the ice at the AO Arena. A full-circle moment for Brad, and one that means a little more when you know where it started! 👀 Take a look behind the scenes as he returns to where it all began… 🗞️ #Homecoming | AO Arena

Manchester Storm | #Homecoming

51,804 просмотров • 5 месяцев назад

Probably the best take I have heard on why there is so much fear around software exposure in private equity and credit because of AI From David Sacks "Historically we only had two good exits for software businesses. One was IPO. The other was M&A. Then these big private equity shops came along and gave us a third potential exit. You would sell to them and then they would raise the capital based on one third equity and two third debt. So it was debt financed buyouts. It is something that has been around in the non technology part of the economy for a long time but was a relatively new entrant in the world of technology. And the reason for that is if you have debt financed a purchase, you need to have very stable cash flows. Because if you miss and you cant pay your interest on the debt, you will lose all your equity because the debt holders will foreclose. It was belief for a long time that software did have predictable cash flows, at least for the mature businesses."

Probably the best take I have heard on why there is so much fear around software exposure in private equity and credit because of AI From David Sacks "Historically we only had two good exits for software businesses. One was IPO. The other was M&A. Then these big private equity shops came along and gave us a third potential exit. You would sell to them and then they would raise the capital based on one third equity and two third debt. So it was debt financed buyouts. It is something that has been around in the non technology part of the economy for a long time but was a relatively new entrant in the world of technology. And the reason for that is if you have debt financed a purchase, you need to have very stable cash flows. Because if you miss and you cant pay your interest on the debt, you will lose all your equity because the debt holders will foreclose. It was belief for a long time that software did have predictable cash flows, at least for the mature businesses."

Boring_Business

404,277 просмотров • 5 месяцев назад

Would you look at that!! 🔥👇🏼 “Anybody’s in any kind of construction knows OSB used to be over f*cking $25 a sheet… And for the last year, it was over $17 a sheet. Walk in today, $9.71 a f*cking sheet. It dropped almost half price. Boys, this is coming from Canada… Trump is working out those tariff deals and our lumber is getting cheaper, boys. Prices are going down.”

Would you look at that!! 🔥👇🏼 “Anybody’s in any kind of construction knows OSB used to be over fcking $25 a sheet… And for the last year, it was over $17 a sheet. Walk in today, $9.71 a fcking sheet. It dropped almost half price. Boys, this is coming from Canada… Trump is working out those tariff deals and our lumber is getting cheaper, boys. Prices are going down.”

TONY™

2,021,302 просмотров • 6 месяцев назад

“Asuo Tano has come outside today; libation must be poured before it returns to the river.” — A slender-snouted crocodile believed to be Asuo Tano was found at a home, with residents saying it is a spiritual messenger that requires traditional leaders to pour libation and perform the necessary rituals before it returns to its habitat.

“Asuo Tano has come outside today; libation must be poured before it returns to the river.” — A slender-snouted crocodile believed to be Asuo Tano was found at a home, with residents saying it is a spiritual messenger that requires traditional leaders to pour libation and perform the necessary rituals before it returns to its habitat.

𝐀𝐒𝐊

717,303 просмотров • 3 месяцев назад

“When the Queen Mother came from Butuku to marry, what did she come with, and what has she left with? If she had remained in Butuku, where would she be today? When you join an institution, it adds value to you, and you also add value to it. All those connections—from the Kingdom to meetings with Gaddafi, Museveni and others—came through that institution,” says Andrew Irumba.

“When the Queen Mother came from Butuku to marry, what did she come with, and what has she left with? If she had remained in Butuku, where would she be today? When you join an institution, it adds value to you, and you also add value to it. All those connections—from the Kingdom to meetings with Gaddafi, Museveni and others—came through that institution,” says Andrew Irumba.

Kelele.Ug

28,028 просмотров • 19 дней назад

🚨 Based Dave Ramsey emerges: “If we brought this back, there would be a revolution... If the tax person from the IRS had to stand in the lobby of your company, and you got paid in cash, and you had to take your cash and hand it to the tax collector and count it out every time you got paid, people would realize how big a tick on your butt the government is, how big a parasite the government is."

🚨 Based Dave Ramsey emerges: “If we brought this back, there would be a revolution... If the tax person from the IRS had to stand in the lobby of your company, and you got paid in cash, and you had to take your cash and hand it to the tax collector and count it out every time you got paid, people would realize how big a tick on your butt the government is, how big a parasite the government is."

Young Americans for Liberty

24,270 просмотров • 3 месяцев назад

Dave Ramsey explains why the government stopped making you pay your taxes by hand, and what would happen if it started again. RAMSEY: “If we brought this back, there would be a revolution. People would burn Washington, DC, down. “If the tax person from the IRS had to stand in the lobby of your company, and you got paid in cash, and you had to take your cash and hand it to the tax collector and count it out every time you got paid, people would realize how big a tick on your butt the government is, how big a parasite the government is. “And they would, I’m telling you, there’d be pitchforks and torches. “If you actually saw and physically had to take possession of the money and then give it back in cash to the government when you got paid, people’s faces would melt off.” KAMEL: “Just the amount of $100 bills you’re just giving to the IRS for doing nothing. That hurts. It would be a Tea Party round two.” RAMSEY: “So it was a really brilliant idea to do income tax withholding.” KAMEL: “Just make it all behind the scenes.” RAMSEY: “Brilliant psychological trick.”

Dave Ramsey explains why the government stopped making you pay your taxes by hand, and what would happen if it started again. RAMSEY: “If we brought this back, there would be a revolution. People would burn Washington, DC, down. “If the tax person from the IRS had to stand in the lobby of your company, and you got paid in cash, and you had to take your cash and hand it to the tax collector and count it out every time you got paid, people would realize how big a tick on your butt the government is, how big a parasite the government is. “And they would, I’m telling you, there’d be pitchforks and torches. “If you actually saw and physically had to take possession of the money and then give it back in cash to the government when you got paid, people’s faces would melt off.” KAMEL: “Just the amount of $100 bills you’re just giving to the IRS for doing nothing. That hurts. It would be a Tea Party round two.” RAMSEY: “So it was a really brilliant idea to do income tax withholding.” KAMEL: “Just make it all behind the scenes.” RAMSEY: “Brilliant psychological trick.”

The Vigilant Fox 🦊

735,580 просмотров • 3 месяцев назад

The Dribbling Reponse Time is EXTREMELY DELAYED in NBA 2K24 and needs to be addressed @Beluba It needs to be changed so that the dribble moves activate/come out almost instantly. Look at the controller then look how long it takes for the move to come out, this delay is really bad.

The Dribbling Reponse Time is EXTREMELY DELAYED in NBA 2K24 and needs to be addressed @Beluba It needs to be changed so that the dribble moves activate/come out almost instantly. Look at the controller then look how long it takes for the move to come out, this delay is really bad.

HankDaTank

752,134 просмотров • 3 лет назад

JUST IN: Chamath Palihapitiya makes a big claim that Warren Buffett’s insane pre 2000 returns may have benefited from access to information asymmetry not available to the public Here's what he had to say: "In 2000, we introduced the law called Reg FD. And what was the point of Reg FD? It was basically that if you're a CFO, you cannot talk to an individual stock manager and tell him something that you then don't tell everybody else. Essentially inside information. That used to be not illegal. I won't say that it was legal. I would just say that used to be not illegal. You call your CFO buddy, he says, "hey, how you doing?" He goes, man, "Quarter was a blockbuster." You would go and buy the stock. And starting in the 2000s, it became illegal. And there used to be these networks of information arbitrage that took advantage of this. Now, this is an example of Warren Buffett's returns, pre and post Reg FD. Now, what do you see? His returns were double the market returns when this kind of information sharing was legal. And the minute that it became illegal and you had to basically act on the same edge as everybody else, his returns went to the market return. He generated zero alpha. In fact, he probably on the margins lost a little bit. So this is the single best investor in the world. This is what happens when you have information symmetry. So it's just meant to explain that markets when there's asymmetry. Billions and billions of dollars will be made in asymmetry. The prediction markets today, unless they are regulated out of existence or shut down, will look like the stock market pre-Reg FD."

JUST IN: Chamath Palihapitiya makes a big claim that Warren Buffett’s insane pre 2000 returns may have benefited from access to information asymmetry not available to the public Here's what he had to say: "In 2000, we introduced the law called Reg FD. And what was the point of Reg FD? It was basically that if you're a CFO, you cannot talk to an individual stock manager and tell him something that you then don't tell everybody else. Essentially inside information. That used to be not illegal. I won't say that it was legal. I would just say that used to be not illegal. You call your CFO buddy, he says, "hey, how you doing?" He goes, man, "Quarter was a blockbuster." You would go and buy the stock. And starting in the 2000s, it became illegal. And there used to be these networks of information arbitrage that took advantage of this. Now, this is an example of Warren Buffett's returns, pre and post Reg FD. Now, what do you see? His returns were double the market returns when this kind of information sharing was legal. And the minute that it became illegal and you had to basically act on the same edge as everybody else, his returns went to the market return. He generated zero alpha. In fact, he probably on the margins lost a little bit. So this is the single best investor in the world. This is what happens when you have information symmetry. So it's just meant to explain that markets when there's asymmetry. Billions and billions of dollars will be made in asymmetry. The prediction markets today, unless they are regulated out of existence or shut down, will look like the stock market pre-Reg FD."

Triple Net Investor

1,309,381 просмотров • 7 месяцев назад

Been wondering all week if, over time, I had glorified the opening tee scene at Hazeltine a bit much. Was it really that good? Then I watch the videos back and wonder how the vibe has changed so starkly at the last two US Ryder Cups.

Been wondering all week if, over time, I had glorified the opening tee scene at Hazeltine a bit much. Was it really that good? Then I watch the videos back and wonder how the vibe has changed so starkly at the last two US Ryder Cups.

No Laying Up

2,240,052 просмотров • 1 год назад

A myopic analysis. The state pension was contributory (see clip), and very gradually and quietly, over time, that situation changed. Adair Turner’s 2002 tome even refers to the state pension as “an entitlement”. The people were actively told that if you built up a NIC record, you will get the appropriate state pension, but the people were not told that changed, because the change was quietly buried over time within acts of parliament and not referred to. Did government not learn from WASPI? At least when women had their state pension age changed, it was widely promulgated. This though, changed because the government wanted you to think that in the future that your state pension would be a privilege, and not an entitlement. Because then of course, the state can tell you that you don’t get one, and it then has a tighter hold over you. The state did not tell you when it slowly started to change it from being a contributory scheme to a non-contributory scheme, because it wanted the best of both worlds. It knew, when it started to change things, but all hell would break loose if people realised the state pension was going to be something to be a carrot and stick, and not an entitlement.

A myopic analysis. The state pension was contributory (see clip), and very gradually and quietly, over time, that situation changed. Adair Turner’s 2002 tome even refers to the state pension as “an entitlement”. The people were actively told that if you built up a NIC record, you will get the appropriate state pension, but the people were not told that changed, because the change was quietly buried over time within acts of parliament and not referred to. Did government not learn from WASPI? At least when women had their state pension age changed, it was widely promulgated. This though, changed because the government wanted you to think that in the future that your state pension would be a privilege, and not an entitlement. Because then of course, the state can tell you that you don’t get one, and it then has a tighter hold over you. The state did not tell you when it slowly started to change it from being a contributory scheme to a non-contributory scheme, because it wanted the best of both worlds. It knew, when it started to change things, but all hell would break loose if people realised the state pension was going to be something to be a carrot and stick, and not an entitlement.

Rush

21,263 просмотров • 6 месяцев назад

"There's an incredible amount of leverage that's been taken out without cash flow able to service the debt" Nico Lechuga on why cash flow is what makes Bitcoin leverage survivable "Everybody has their own take on this, and we'll see what happens within the market. But if you're taking on any type of leverage, any type of debt, think about our own personal lives. If you buy a car, you buy a house and you're mortgaging that, you're taking out an interest loan, generally there's some degree of credit institution checking you to make sure that you have the cash flow to service the debt you've taken out" "When we're building businesses we think of risk vectors, and how those risk vectors potentially impact the business's chance of success. If you've introduced a risk vector, in this case leverage taken out against the business without having cash flow able to service it, then you can impair your business. This is designed by having uncorrelated businesses with good margins, sustainable cash flows. If you're taking out even a degree of leverage to buy Bitcoin, the only time you would ever do that is after you have the businesses and you have the cash flow" "Even if Bitcoin's price goes down, we see a drop from 126 to where we're at 65, 66 today, it doesn't matter, because you have the cash flow to service the debt. In the same way, when you buy a car and drive it off the lot, if you're paying with financing and the value drops 50% the day you drive it off the lot, you have a job and you can service that, so you're not impaired"

"There's an incredible amount of leverage that's been taken out without cash flow able to service the debt" Nico Lechuga on why cash flow is what makes Bitcoin leverage survivable "Everybody has their own take on this, and we'll see what happens within the market. But if you're taking on any type of leverage, any type of debt, think about our own personal lives. If you buy a car, you buy a house and you're mortgaging that, you're taking out an interest loan, generally there's some degree of credit institution checking you to make sure that you have the cash flow to service the debt you've taken out" "When we're building businesses we think of risk vectors, and how those risk vectors potentially impact the business's chance of success. If you've introduced a risk vector, in this case leverage taken out against the business without having cash flow able to service it, then you can impair your business. This is designed by having uncorrelated businesses with good margins, sustainable cash flows. If you're taking out even a degree of leverage to buy Bitcoin, the only time you would ever do that is after you have the businesses and you have the cash flow" "Even if Bitcoin's price goes down, we see a drop from 126 to where we're at 65, 66 today, it doesn't matter, because you have the cash flow to service the debt. In the same way, when you buy a car and drive it off the lot, if you're paying with financing and the value drops 50% the day you drive it off the lot, you have a job and you can service that, so you're not impaired"

The Wolf Of All Streets

30,854 просмотров • 2 месяцев назад

Real Estate doesn't unlock "financial freedom" Graham Stephan just said the quiet part out loud Maintenance. Insurance. Taxes. Anti-Landlord Policies. The risks start to compound. Is it worth it for 4 to 5% annual returns? Not really. There are better alternatives both from a financial & lifestyle standpoint. My personal favorite? Hosted Bitcoin Mining. It has a similar investment profile to Real Estate: - Depreciation - Cash Flow - Scarcity (∞/21,000,000) But the returns are higher and the tax savings are greater (100% Bonus Depreciation) And with service providers like @Blockware, you avoid all of the operational challenges. The pivot away from Real Estate as a "bread and butter" investment strategy is just beginning and will accelerate over the coming years

Mitchell Askew

11,981 просмотров • 5 месяцев назад

"Hedge fund money is a plague of locusts. It just swarms over a field, it devours the field, and it moves on to the next field." Mike Schur and Joe Posnanski join Pablo Torre 👀 to talk how private equity has come to "burn down the field of dreams"

"Hedge fund money is a plague of locusts. It just swarms over a field, it devours the field, and it moves on to the next field." Mike Schur and Joe Posnanski join Pablo Torre 👀 to talk how private equity has come to "burn down the field of dreams"

Pablo Torre Finds Out

127,029 просмотров • 4 месяцев назад

Looking to make cash quick? Don’t fall for schemes that promise you large returns simply for handing over your money. Ask yourself: · Is the entity registered with the Prudential Authority or Financial Sector Conduct Authority? · Are the promised returns and turnaround time too good to be true? · Can you access your money at any time? Report suspicious activity to PA-Inspections@resbank.co.za

Looking to make cash quick? Don’t fall for schemes that promise you large returns simply for handing over your money. Ask yourself: · Is the entity registered with the Prudential Authority or Financial Sector Conduct Authority? · Are the promised returns and turnaround time too good to be true? · Can you access your money at any time? Report suspicious activity to [email protected]

SA Reserve Bank

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