Thursday, April 05, 2007


Great article from Michael Lewis on how if it's public, it's not worth having. Something to consider now that Blackstone is up for IPO.
With the shrewdest and most sophisticated investors armed with essentially unlimited capital, any company that is available to the public is almost by definition an inferior asset, i.e., an asset that the private-equity people have no interest in. We may not have arrived at the point where the publicly traded shares in a company are a sure sign that those shares are a poor investment. But that's the obvious, ultimate destination.


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