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 […]
Tag Archives | finance
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
- The Most Expensive Word in Banking? “Relationship” October 30, 2013
- Baby on board? Risks of inexperience in LBO lending June 25, 2013
- The CIM…sales document or due diligence? September 16, 2013
- Wall Street Journal misses on Bank article January 31, 2014
- The Peril of Pytr Prynciple and the Bank Meeting November 5, 2013
- Getting under the Hood: Leveraged Lending and the 2014 SNC Review March 10, 2015
- There be monsters? Middle Market Leveraged Lending and the SNC Review December 17, 2014
- The Middle Market has a Weight Problem December 12, 2014
- Culture and Investment: Winning Platform or Ship Wreck? May 5, 2014
- Critical Elements of an Effective Leveraged Lending Platform April 2, 2014
- There be monsters? Middle Market Leveraged Lending and the SNC Review | The Gaffin Group: […] to extrapolating its findings inappropr...
- Chris Pruszko: Great article Mark. I would add that operations a...
- Mike Kipp: Experience on two bank boards over last 12 years s...
- Bob Hancock: I agree with you 100%. I have 27 years experience ...
- Fred Richmond: Outstanding article and absolutely true to life. S...
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