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When engaging in a valuation process for a private equity transaction, I personally differentiate among the following three concepts: 1) value of a business; 2) headline price that unlocks the deal; and 3) cash consideration paid by the investor. While related, these three concepts can sometimes equate to three completely different numbers in the same private equity transaction.
The Private Equity Toolkit
Tamara Sakovska
These two observations are so counter-intuitive that they should give us pause for thought. What is going on here? Can’t I even choose my friends for myself? Well, actually, yes – that is, in fact, exactly what you do. But the friends you choose are people who are as similar to you as you can manage under the circumstances. This tendency for birds of a feather to flock together is known as homophily and is a dominating feature in our friendships.
When teaching at Yale, I would sometimes have students write their own obituary, as they hoped it would read decades later. Most found the exercise a sobering reminder that we all reap what we sow. Reading, as well as writing, help us understand our place in the world and the stories we get to participate in and even tell.
On Character
Stanley McChrystal
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