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Quote of the Day I:

The market, when it comes back, to the largest customer, there will be $5 billion purchases… They won’t be larger than that. Leverage will be, at most, one to one or one and a half to one, so the equity needed still will be larger than many firms want to do.

-Richard Friedman, Head of Merchant Banking at Goldman Sachs, on the maximum deal size going forward, and the continuing need for club deals and co-investments