Tag Archives | finance

Whispering statues

A Little Secret of Private Equity Investing: Financial Engineering Matters

While it may be fashionable for sponsors to assert, “We’re all about operating improvements and not financial engineering” – a little secret of private equity investing remains: Done correctly, the management of leverage through financial engineering remains a key component of differentiated returns from most investments. Ultimately, a pragmatic approach to financial engineering drives benefits […]

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paper and dagger

WSJ Weekend Investor Really Misses the Mark on Private Equity

Mark Hulbert was busy elbowing his way onto the anti-private equity bandwagon on July 5th with his confusing dispatch “Real Returns: Are Private-Equity Gains Built to Last?” Mr. Hulbert heroically ignores a large body of readily accessible research and data to precariously perch his pejorative premises on quite arguable findings from a single, tax-return driven […]

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Finding Love in the Middle Market LBO World

It is all too seldom that one is present to see true love blossom – especially in the middle market finance world. Fondly, though, I can report I had the special privilege of seeing such a glorious thing at recent private capital industry gathering. I was picking my way through a wilted salad and tired […]

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Warning: Does that Base Case reflect reality? Or Newt and Biff’s Excellent Adventures

Years ago, one of my dearest mentors drummed the following advice into my cranium: One of the most obvious marks of inexperience and sloth is using, verbatim, sell-side information that is spoon-fed to an investor group. This is made more egregious as it obviously comes from parties benefiting from uncritical acceptance of the “data”. Not […]

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antique measuring instrument of surveying and alignment

Break from the Front Lines – Middle Market view

I am back! First, I wanted to thank those of you that have stuck with me during my brief absence from this blog (though I welcome you to follow me on Twitter @GaffinMark). As many of you know, I am actively involved in the deal market – and have been blessed with an exciting, deep […]

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High barriers…to understanding

In what has to be the second most often used throw-away line behind “[insert name] is a leading [insert industry sector] company“, is the too-frequent, inadequately supported, drive-by industry analysis summed up by “high barriers to entry.” This becomes a nails-on-chalkboard experience when so often misused by non- or under-initiated underwriters, lenders, and pundits. Let’s take a step […]

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Why are we here? A simple goal…

The goal of this blog is to provide a helpful, and hopefully sometimes humorous, commentary on the goings on in the world of middle market finance. We’ll share anecdotes (names changed to protect the innocent or dull) and illustrations of the human side of deal making in the middle market – and try to share […]

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