OKinTX21

Tennessee doesn’t have 6 national titles.

My goal is to get back to Dallas as fast as possible when I’m making that drive. Only stop I’ll make is the buc cee’s in Denton (per wife’s request).

You’re welcome for making your program more relevant.

Eh, no. I think it was the 6 titles Saban won that did it.

3. No, I’m following you. My first reply was to your reply to someone else with the “pros” of PE. One of those pros you listed was alignment via saying sellers roll alongside with PE. This implies a partnership of some sort. While that’s a nice thought, I’m arguing that is not reality in most instances. And I used the example that happens (quite often lately) where a founder gets burned by the GP botching the execution plan. Within that point, I also showed that, in addition to hardly being an equal partnership, it is also unequal with respect to economic incentives. First, in virtually every case the GP, being an appendage of a PE firm, is a gargantuan institution, whereas the seller is usually just some operator that is now rich, but hardly can compare to the size of a PE firm. Therefore, you saying that a co-invest structure supports alignment is nonsense and more just a way to make everyone feel “fuzzy and warm.” Moreover, if you read LPAs, there are ways the GP commit can be made synthetically.

4. Name one? I don’t know, I don’t work in energy. But I can find a myriad of consumer, tech, and healthcare where my point very much stands.

No, I understood you. Again, call them LPs, bag holders, the primary market, the acquirers, whatever. Call them North American mules for all I care. The point wasn't the terminology I used while typing on the toilet. Someone that is going to come on here trying to flex should be able to grasp what I’m writing.

3. I wouldn’t tell that to the founder who found out 30% of their net worth was wiped because the debt on the opco they sold 48 months ago was trading below par because the GP levered up their business right before an unprecedented rate hike campaign coupled with declining top line, contract roll offs, and poor management transition. While a 0 for any holding within any given buyout fund would suck, and make fundraising that much harder for the PE firm next go around, the impact is much less severe relatively speaking, especially if said GP is apart of a multi-strat investment product conglomerate like most big PE is nowadays. While I’ll concede that true alignment is a fairy tale, I would also argue that one side of this coin is steeped in logic (the GP) and the other side can be highly emotional (the exiting founder).

4. I’d love to know which funds you speak of because more often than not I see the founders phased out within 12 months. It’d be great if they stayed on, but you frankly don’t see that as much as you’d like to as an LP.

Using LP as a blanketed term for any sophisticated investor of a certain check size and mandate that can be assumed a participant in private markets. Not referring to retail, but pensions, endowments, large single family offices, foundations, etc, etc.

And they know how to set the price because they know there are still an ample population (morons) that still think a team returning a majority of the starters of a top 10 defense and the most % of returning production on offense from a 10-3 season playoff season can’t muster at least 8 wins.

A fool and his money…

Think you’re lost. The Florida board is elsewhere.

Not how betting lines work, chief.

Would think the sec and the big 10 would be the last conferences to fall to that scam.

I’m a homer but I wouldn’t take anyone on this list but venables.