Professor Glenn A. Okun
“Well, lived my life and never stopped to worry ’bout a thing,
Opened up and shouted out and never tried to sing.
Wondering if I’d done wrong,
Will this depression last for long?”
— The Kinks, 1965
The Rabid Capitalist: The Big Point is a brief summary of a detailed note available to paid subscribers.
The opening lyrics from the Kinks say it all. No one can like private equity’s performance. No one should expect it to improve soon.
What follows is the chart-packed version of that sentence. The good times are behind us, the carried interest meter is stuck, and the industry’s answer is to keep the wheel spinning with continuation vehicles, “kick the can” refinancings, and the quiet hope that rates fall before the cockroaches scatter.
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