11–20 of 132 posts
This is a serious f'n problem, and I'm glad it's finally being recognized. When I see PE groups in China outbidding their Western counterparts by absurd multiples, it just reeks of ulterior motives. EDIT: Spelling police got me.
> wreaks of you mean "reeks" (i.e. "smells", usually bad). It might wreak havoc on the U.S. economy, but it can only "reek" of ulterior motives.
Does anyone have a non-paywalled variant? I can't view it.
A lot of times if you need to get through a paywall try copying the URL into archive.is
Does anyone have a non-paywalled variant? I can't view it.
This is a serious f'n problem, and I'm glad it's finally being recognized. When I see PE groups in China outbidding their Western counterparts by absurd multiples, it just reeks of ulterior motives. EDIT: Spelling police got me.
High bids are not strong evidence of ulterior motives. They reflect the fact that many US companies prefer not to take on foreign investors, so those investors have to bid much higher to get the deal.
And return less money to their fund than they would if they were acquiring companies domestically? Scratches head...
This is a serious f'n problem, and I'm glad it's finally being recognized. When I see PE groups in China outbidding their Western counterparts by absurd multiples, it just reeks of ulterior motives. EDIT: Spelling police got me.
It's all about 'rising tides lifting all boats' until there's a chance of someone else's boat being almost as high as ours. Then all of a sudden it's about the foreign threat, ulterior motives..
Earlier quoted context omitted.
High bids are not strong evidence of ulterior motives. They reflect the fact that many US companies prefer not to take on foreign investors, so those investors have to bid much higher to get the deal.
> so those investors have to bid much higher to get the deal. And return less money to their fund than they would if they were acquiring companies domestically? Scratches head...
One reason that Ivy League endowments get consistently above-market returns is that everyone is comfortable taking their money.
EDIT: I sort of conflated foreign and kleptocrat money there, saying they both have to outbid preferred sources. Most foreign money is not from kleptocrats, of course.
This is a serious f'n problem, and I'm glad it's finally being recognized. When I see PE groups in China outbidding their Western counterparts by absurd multiples, it just reeks of ulterior motives. EDIT: Spelling police got me.
High bids are not strong evidence of ulterior motives. They reflect the fact that many US companies prefer not to take on foreign investors, so those investors have to bid much higher to get the deal.
There is no evidence for this being the cause of the price premium. There is substantial evidence that capital flight predicts which countries overpay for foreign assets. Russia and China are better explained by the capital flight hypothesis.
This is like...two decades too late. China has their fingers in everything now.