by Wolf Richter, Testosterone Pit.com:
April 30, 2013, was the day when Private Equity firms – the smart money, and among the greatest beneficiaries of the Fed’s money-printing and bond-buying binge – announced their intentions to the rest of the world. The occasion was the big PE shindig in Los Angeles, the Milken Institute conference. The heavy hitters were there, and they let fly some pungent words during a panel discussion.
“We think it’s a fabulous environment to be selling,” said Leon Black, CEO of PE giant Apollo Global Management. With stock markets having more than doubled since their 2009 lows, average prices for leveraged buyouts have jumped to nine times earnings, he said. His firm had already dumped about $13 billion in assets over the last 15 months. “We’re selling everything that’s not nailed down,” he said.
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