Random Ramblings

Emails continue to pour in on the SEIU issue, including two that used the term “efficient.” As in: “Dan, you’re missing the point. The current trend of lowered risk/higher reward is making the private equity markets more efficient.” Ummm… Correct me if I’m wrong, but isn’t it inefficiency that helps the private markets outperform the public markets. If the private markets are just going to become the public markets, than what’s the point?

*** Speaking of public/private issues, one subject I forgot to mention from Wednesday’s Ropes & Gray event: The hedge fund/private equity convergence has played out far differently than most people expected. Rather than taking deal-flow away from private equity, hedge funds are driving deal flow (there are obviously exceptions, but I’m talking rule here). Just look at the current Applebee’s situation, or others where activist shareholders make so much noise that corporate boards start seeking cover from their friendly neighborhood LBO firm.

*** Former Apple CFO Fred Anderson gets some support from current Elevation Partners colleague Roger MacNamee, in this NY Times piece on Anderson’s comments about Steve Jobs and Apple options.

*** Alex tells me that he has even more Jimmy Jane info to share. More devolution next week…

*** Since it worked so well last weekend: Go Sox