peHUB First Read

By Dan Primack — 8 years ago

* Bill Gross: “Greed will come again. But for now, the trend is the other way and it promises to persist for a generation at a minimum.”

* David Callaway: Time to worry. Banks are recommending each other’s shares again.

* Q2 data dump: 32 pages of M&A and private equity deal data, league tables, etc.

* Morning Call: U.S. futures lower ahead of June jobs data, London falls early, European shares drop, the Nikkei closes down 0.6% and Chinese stocks hit 13-month high.

* New photos of the Madoffs at play. Could be worse, I guess. At least they’re not nude photos of the Madoffs at play.

* The EVCA has released a new code of conduct for placement agents. Here you go.

* Kip Kirkpatrick’s decision to run for Illinois State Treasurer won’t trigger a keyman vote at Water Street Healthcare Partners, the private equity shop he co-founded and is now leaving. Apparently the only listed keyman is fellow co-founder Tim Dugan. Kinda odd, but ok. Still doesn’t mean all LPs are thrilled that

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peHUB First Read

By Dan Primack — 8 years ago

* Banks have collected just $1 billion in private equity fees over the first half of 2009, according to DealLogic. For comparison, they got that much after just the first five weeks of 2007.

* Another PE pro enters politics: Kip Kirkpatrick, co-founder of Water Street Healthcare Partners, is running for Illinois State Treasurer.

* Morning Call: U.S. futures point higher, London rises early, European shares climb, the Nikkei dips and Chinese shares lose 0.2%.

* Barry Ritholtz: Why does UBS still employ Phil Graham?

* Joe Nocera to Madoff victims: Get over it.

* Om Malik: What went wrong with Joost, the (heavily) VC-backed online video company that is cutting up to 90% of its workforce.

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peHUB First Read

By Dan Primack — 8 years ago

* The death of PPIP may have been greatly exaggerated. CNBC is reporting that it will be unveiled tomorrow, with participants to include WL Ross and a joint venture between GE Capital and Angelo Gordon.

* Jason Mendelson reacts to the Polachi study: Apparently 52.9% of VCs are deluded.

* Morning Call: U.S. futures point higher, London opens flat, European shares target best quarterly gain since 1999, the Nikkei closes its best quarter since 1995 and Hong Kong is on holiday.

* Q&A with Benchmark Capital’s Bill Gurley, including the deals he shouldn’t have passed on.

* Roger Altman: We’ll need to raise taxes soon.

* Business has not been good to ex-basketball star Christian Laettner.

* Sign of the Apocalypse: Vin Deisel makes his first appearance in this space (and on the same day as Christian Laettner…)

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peHUB First Read

By Dan Primack — 8 years ago

* The science of economic bubbles and busts.

* Bain Capital on GOME: “It’s certainly a hairy situation.”

* Bill Taylor decodes Steve Jobs: Trust the art, not the artist.

* Morning Call: U.S. futures are flat, London rises early, European shares extend gains, the Nikkei slips 1% and Chinese shares keep gaining.

* Back to the (recent) Future: “Material Adverse Change” is The Big Money’s word of the week.

* How the NY Times worked with Wikipedia to keep news of David Rhode’s kidnapping a secret.

* Daniel Indiviglio: Is Goldman Sachs the root of all evil?

* Epicurian Dealmaker on the Harvard MBA oath.

* J. David Foster: How drought fosters entrepreneurship (h/t Kedrosky).

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peHUB First Read

By Dan Primack — 8 years ago

* Worldwide Q2 M&A Review

* When the leeches come for Jacko’s money, they’ll be knocking on Fortress Investment Group’s door.

* Bruce Bartlett: Why isn’t the stimulus stimulating?

* Morning Call: U.S. futures point lower, London up early on crude, Europe gains on financials and commodities, the Nikkei rises 0.8% and Hong Kong shares keep rising.

* Bob Borchers has stepped down as Apple’s global head of product marketing for iPhone, in order to join a VC firm.

* Felix Salmon rips “John Carney’s bizarre crusade against the CRA.” Lots of comments section activity on this, including from Carney.

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peHUB First Read

By Dan Primack — 8 years ago

* Delphi defends its dealings with Platinum Equity, as its lenders continue to howl.

* A new lawsuit accuses Cerberus and Centerbridge Partners of hatching a “Machiavellian” plot to force Extended Stay into bankruptcy, which allegedly benefitted the two senior lenders at the expense of mezz debt holders.

* Is economic optimism caused by economic optimism?

* Morning Call: U.S. futures point higher, London lowers on commodities, European shares extend losses, the Nikkei climbs 2.2% on tech and Chinese shares rise to 1-year high.

* Reminder: VCJ’s conference for cleantech VCs is today in Palo Alto.

* Matt Taibbi on Goldman Sachs: The Great American Bubble Machine.

* Bruce Carter of ZymoGenetics: TB isn’t going away, and pharma isn’t ignoring it.

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peHUB First Read

By Dan Primack — 8 years ago

* Unexpected: The return of Sand Hill Slave, everyone’s favorite (and anonymous) VC executive assistant.

* Even more unexpected: Phil Kaplan (aka F**ckedCompany’s Pud) has joined Charles River Ventures.

* Goldman Sachs wouldn’t be tone-deaf enough to hand out record-breaking bonuses this year? Would it?

* Morning Call: U.S. futures point higher, London lowers, European stocks flatten, the Nikkei falls 3% and Hong Kong shares hit one-month low.

* Rick Bookstaber: The 7 habits of highly-suspicious hedge funds.

* Doug McIntyre is aghast that Jack Welch would besmirch his brand by participating in an online MBA program. Kind of like how print writers were once aghast that real journalists would blog. Ok, not exactly apples to apples (brick and ivy universities won’t go the way of dead tree reporting) but online education is a growing wave. Growing in both adoption and respectability.

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peHUB First Read

By Dan Primack — 8 years ago

* Mark Suster: How to cold call a venture capitalist.

* Blackstone vs. Blackrock: How to tell them apart.

* We spend way more on our moms than on our dads.

* Morning Call: U.S. futures point lower, London falls early, European shares drag, the Nikkei climbs and both China and Hong Kong post gains.

* Jack Welch lends his name and cash to an online university being run by the guy who brought us Grand Canyon Education and Bridgepoint Education. The MBA program will be named after Welch.

* The fund management sector is poised for a wave of mergers. Will private equity step up?

* Maybe VCs have been doing it all wrong. Instead of waiting for the IPO window to reopen or for an opportunistic M&A exit, perhaps they should just sell their stakes on a private market exchange like SharesPost. After all, if Tesla can get an absurd $1 billion valuation

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peHUB First Read

By Dan Primack — 8 years ago

* KKR is rethinking plans for its un-IPO, which would have seen the firm list in New York without actually offering up new shares. Instead, KKR may just buy out shareholders in its Amsterdam-listed affiliate, who currently are slated to be rolled up into the New York “offering.” So much time and attention paid to this so far, and so little to show for it…

* Henry Blodget: “Buried in Obama’s financial reform plan is a requirement to make stockbrokers act in the best interests of their clients (“fiduciary responsibility”). This would replace the current conduct standard, which merely requires brokers not to stuff their clients accounts full of products they would be crazy to buy (“suitability”).”

* The debt commitment connundrum.

* Morning Call: U.S. futures up despite RIM dissapointment, London edges higher, European stocks rise on banks and commodities, the Nikkei posts its worst week in three months and Hong Kong recoups some losses.

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peHUB First Read

By Dan Primack — 8 years ago

* Paul Kedrosky considers (and reconsiders) the venture capital’s ability to pose systemic risk.

* Just a week ago, it looked like Platinum Equity had Delphi Corp. all to itself (which sounds kind of like having eczema all to yourself). Then a judge opened up the process, and the bankrupt auto parts company’s lenders are now considering a bid.

* Morning Call: U.S. futures are mixed, London opens flat, Europe extends losing streak, the Nikkei loses 1.4% and both Hong Kong and Shanghai rise.

* What kind of sharks are Bank of America sharks?

* Kleiner Perkins backs another e-vehicle startup, and has brought T. Boone Pickens along for the ride.

* Has the chip market turned the corner? Freescale’s investors sure hope so…

* All Twitter, all the time: Who’s investing in Twitter startups? The NVCA begins Twittering at www.twitter.com/nvca. For a full list of VC tweetheads, go to www.venturemaven.com (thx @bfeld).

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peHUB First Read

By Dan Primack — 8 years ago

* James Pethokoukis: Bill Clinton for Fed chairman.

* David Margolick: What did Madoff’s sons know?

* Paul Kedrosky: The case for California defaulting, even if it won’t.

* A group of E Ink shareholders may try to block the company’s $215 million sale to Prime View International.

* Morning Call: U.S. futures point higher, London slides, European stocks hit 3-week low, the Nikkei edges up and Hong Kong drops.

* Goldman Sachs regrets that it “participated in market euphoria.”

* 3i Group’s annual report says that senior executives will not receive bonuses or raises this year.

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peHUB First Read

By Dan Primack — 8 years ago

* Paul Volcker: Private equity and hedge funds don’t need to be regulated like banks.

* Larry Cheng of Fidelity Ventures writes about his original meeting with Facebook, back when it was an unknown startup called TheFacebook. Larry was with Battery Ventures at the time, but declines to throw his ex-bosses under the bus for passing on the investment (which perhaps could have kept the company in Boston). He’s kinder than I would have been…

* Morning Call: U.S. futures point flat to lower, London rises early, Europe flattens as financials weigh, the Nikkei has its worst day in over two months and Hong Kong shares pull back.

* Dear John Thain on making financial networks useful. I agree with him in theory, but the end product could be so boring that no one except financial bloggers would watch.

* Might Jack Connors and Steve Pagliuca team up in their efforts to acquire The Boston Globe? Beth Healy reports that it’s possible, and it would make all the sense in the world. Both men view this mostly as a civic rescue, so why compete? Only caveat would be if they don’t get along (and I have no idea, but will try to find out).

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peHUB First Read

By Dan Primack — 8 years ago

* Tim Geithner & Larry Summers: The case for financial regulatory reform.

* U.S. regulators are drafting rules that would make it easier for PE firms to invest in banks.

* Morning Call: U.S. futures point lower, London falls early, European shares fall, the Nikkei slumps on chipmakers and Chinese shares are lifted by the Ping An deal.

* Retail bankruptcies are expected to increase.

* Marc Andreesen and Ben Horowitz raise $300 million for their debut VC fund. Somewhere, a disciplined LP cries.

* Bill Frezza of Adams Capital Management: How the Chrysler creditor situation is affecting the NHL.

* Heart-wrenching: A dying girl in Costa Rica finds a cure to her rare disease, made by Cambridge, Mass.-based Genzyme. But it may cost more than her country is willing to pay, and Genzyme won’t budge on the $160k per year cost.

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peHUB First Read

By Dan Primack — 8 years ago

* Yet another private company stock exchange is poised to launch, following recent efforts like SecondMarket, XChange, InsideVenture, etc. This one is called SharesPost, and features a photo of Adeo Ressi on its homepage (which would seem to indicate more interest in entrepreneurial clients than VC clients).

* Joseph Stiglitz: “When the current crisis is over, the reputation of American-style capitalism will have taken a beating—not least because of the gap between what Washington practices and what it preaches. Disillusioned developing nations may well turn their backs on the free market.”

* Morning Call: U.S. futures are mixed, London opens flat, European shares rise, the Nikkei climbs 1.6% and China stocks slide on IPO worries.

* George Soros: Credit default swaps are “instruments of destruction,” and should be banned.

* Jeff Segal on the Sand Hill Mafia, and the problems it could pose for Obama.

* McKinsey releases a study on what natural and economic disasters have in common.

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peHUB First Read

By Dan Primack — 8 years ago

* David Cowan of Bessemer Venture Partners: When failure is an option.

* Dave Callaway: 10 reasons why the worst of the financial crisis is behind us, and why investors should still be scared.

* You a Silicon Valley entrepreneur in search of seed funding? Maybe you should drop by First Round Capital, which this afternoon is holding San Francisco office hours.

* Morning Call: U.S. futures point higher, London opens flat, European stocks rise, the Nikkei tops 10k (yes, that rhymes) and Chinese stocks slip on IPO worrries.

* Zipcar is planning to go public next year.

* Mini Mini Madoff: Financial planner Matthew Weitzman accused of stealing around $6 million from his clients, who include NY Times personal finance columnist Ron Leiber.

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peHUB First Read

By Dan Primack — 8 years ago

* Remember all that old (bogus) talk about LBO firm collusion? Well, things don’t look too clubby anymore.

* Jack McHugh: Some questions for the “Perfect 10” TARP repayers.

* Forget traditional economics. Just pay attention to the underwear index.

* Morning Call: U.S. futures point higher, London rises early, European stocks rise on oil & TARP repayment, the Nikkei hits 8-month closing high and Hong Kong snaps slump.

* 10 dumbest tech products so far.

* Paritosh Bansal: J.C. Flowers also bid for BankUnited, thus keeping intact its streak of bidding on virtually every troubled financial institution on the block (and for losing most of those auctions).

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peHUB First Read

By Dan Primack — 8 years ago

* peHUB returns to Chicago in one week from tonight, for a Shindig with the area’s PE pros, venture capitalists and assorted hangers-on. Get tickets here.

* Q&A with Mike Moritz of Sequoia Capital. Unfortunately, no questions on the endowment advisory biz, or hedge fund platform.

* Jim Cramer: Thank Big Ben for saving us from the second Great Depression.

* Fidelity signs a deal to market IPO shares of KKR portfolio companies to its retail customers.

* Morning Call: U.S. futures point lower, London falls early, European shares decline, the Nikkei hits an 8-month closing high and Hong Kong shares drop.

* Paid Twitter streams have arrived.

* May was good to hedge funds, which posted their best performance in a decade.

* Pete Peterson is about to be publicly embarrassed by yet another relative.

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peHUB First Read

By Dan Primack — 8 years ago

* Bijan Sabet: Beware of the complicated deal.

* Nikki Finke has plot and casting details for Wall Street II (which reads like it may be sub-headed “Gekko’s Redemption”).

* Catherine Rampell: How would the economy look under President McCain?

* Morning Call: U.S. futures point lower, London drops early, European shares down on banks and commodities, the Nikkei edges upwards and Hong Kong shares climb on recovery hopes.

* Tim Geithner still can’t sell his New York home.

* NY Kickback Scandal Update: Seems David Loglisci told ethics overseers in 2003 that he had relinquished his financial ties to Chooch, the film he is accused of shaking down PE pros to help finance. This revelation is being portrayed as a hinderance to Cuomo and the SEC’s case against Loglisci, but to me it reads like just a minor complication. Even if David Loglisci wasn’t directly benefitting from Chooch, his brother still was (original investment was a family partnership) — and people have been known to help out immediate family members from time to time. Unless, of course, there is evidence that David Leuschen and Saul Meyer also were pals of the brother…

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