A Quote by Wilbur Ross
I see myself as a private-equity investor that helps rebuild companies. Restructuring is a cottage industry in that there aren't that many serious practitioners.
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Being a good private equity investor is more complicated than it seems. I would say that there are a few characteristics that are important. If you look at the skill set that you need to ultimately be a successful private equity investor, at least at the senior level, you have to be, in this business, a good investor. You have to be able to help companies perform and you have to have judgment around exiting investments. If you look at the skill sets there, they include some things you can teach and some that you can't.
We really wake up every day trying to build businesses. That is the goal of private equity. It's a misnomer out there that private equity profits by shrinking companies. In fact, it's just the opposite. Private equity creates value by growing great companies.
I myself am a private equity investor.
Whether a tops-down or bottoms-up investor in bonds, stocks, or private equity, the standard analysis tends to judge an investor or his firm on the basis of how the bullish or bearish aspects of the cycle were managed.
I've probably done more venture capital deals and expansion financings than I have done private equity deals. But both are the same. Private equity companies have also built jobs.
By making marijuana illegal, the agricultural people can't grab hold of it like they did with corn and wheat. So those companies are scrambling around trying to get hold of it, but they can't, because it's a cottage industry, and it will always be a cottage industry. Because the minute the big companies try to make it their own, like they did with soybeans...like Monsanto, they put their own patent on seeds, and you can't do that with marijuana.
Private equity firms aren't necessarily evil by definition. There are many stories of successful turnarounds fueled by private equity, often involving multiple floundering businesses that are rolled into a single entity, eliminating duplicative overhead.
Private equity has absolutely no reason to exist. The private equity holder has all the upside and the banks all the downside.
I still see myself as a bit of a cottage industry. Being in a room creating stuff and seeing if anyone wants it, as opposed to going to work for someone.
One of the weaknesses of Indian industry is that in many areas.. like consumer goods.. it is very fragmented. Individually, the companies might not be able to survive. What is needed is a consortium of like companies in one industry, presenting a strong front to the multinationals. The Swiss watch industry did this.
If private-equity firms are as good at remaking companies as they claim, they don't need tax loopholes to make money.
I think this is also a great time to invest in private equity, helping companies grow from the ground up.
Labour opposes the principle of companies having their own private and privileged courts in which to settle investor-state disputes.
I delivered lectures, and I was also a consultant for international companies in finance, both private equity and big venture capital funds.
The private equity world is a relatively small one. There are currently probably a few thousand professional jobs worldwide. In private equity, that's probably about all there is. So in the scheme of things, the firms are all relatively small.
I believe that we will see a lot of destruction, but I believe that if we can see the right patterns and draw the right lessons from that destruction, we might be able to rebuild before it's too late. And then I have that ultimate optimism that even if we can't, life will rebuild itself. In a way, the global economy might collapse, but Gaia won't, and people's ingenuity won't. We will rebuild society, we will rebuild local economies, we will rebuild human aspirations.
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