All this time I thought fraud was a crime Are these the same "private equity" guys that haven't beaten the S&P 500 or a drunken monkey throwing darts for how many YEARS NOW ???So why so we believe they finally have it right this time ?We described it last week when citing Bank of America who said that "Bof AML clients were big net sellers of US stocks in the amount of .1bn, following four weeks of net buying.Net sales were the largest since January 2008 and led by institutional clients—after three weeks of net buying, institutional clients’ net sales last week were the largest in our data history." Today, we got definitive confirmation that the truly "smartest money in the room", those who dabble not in the bipolar public markets but in private equity had indeed started "selling everything that is not nailed down" several years ago hitting a climax this past quarter, when Bloomberg reported that two years after Leon Black's infamous statement, "other private-equity firms are following suit - dumping stakes into the markets at a record clip." According to Bloomberg data, firms including Blackstone Group and TPG have been "capitalizing on record stock markets around the world to sell shares, mostly in their companies that have already gone public.In an echo of Leon Black, Frank Maturo, vice chairman of equity capital markets at UBS AG, said, “Private equity is selling everything that’s not bolted down.
With the robust valuations in today’s market, they are accelerating monetizations of companies they own.” But what does the smart money know, anyway... "Talk about missing out on massive gains." This is the biggest energy and tech boom in history and his "buyout firm" wanted none of it.
The largest European exit so far this year was the .46 billion IPO of online car dealership Auto Trader Group Plc in London, where Apax Partners sold shares.
In Asia, private-equity firm China Aerospace Investment Holdings Ltd.
Just like..zzz Zzzz Zzzz Washington always goes for the gold. Except in the case of Russia, and that has got them really pissed off. When the music stops, someone is going to be wthout a chair.
As a matter of fact, they may find there are no chairs at all.
"It’s clear that we are currently in an environment of frothy valuations,” said Lise Buyer, founder of IPO advisory firm Class V Group.