nakedcapitalism.com - 12/2/2008
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A year ago, major endowments, like Yale, Harvard, and Princeton were seen as the ne plus ultra of sophisticated private investors, regularly posting 20%+ annual returns. Now they are dumping big chunks of their private equity holdings at distressed prices. What gives? The reason this is odd ...
online.wsj.com - 12/9/2008
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online.wsj.com —
Reuters House Speaker Nancy Pelosi, with House Financial
Services Committee Chairman Barney Frank, discusses auto-bailout negotiations....
(more)
U.S. Could Take Stakes in Big 3
bloomberg.com - 12/2/2008
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bloomberg.com —
Dec. 1 (Bloomberg) -- A push by the
richest U.S. universities to unload their stakes in private-equity...
funds is flooding the market, driving down prices for the world’s best- known buyout firms. Investors led by Harvard University, which manages the ...
(more)
Harvard-Led Sale of Private-Equity Stakes Hits Values ...
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Further Reading
FT Alphaville —
Elsewhere on Tuesday: - The EZ form : Get your hands on some of those bailout billions, now! - Advice to banks: How to avoid a death spiral - Krugman on video: It’s freefall right now - California nightmares - Meredith Whitney sounds like Nouriel Roubini - So what IS a “super-senior tranche” , really? - Mean Street: How Congress will kill Detroit - Dick Fuld comes full circle - It doesn’t add up: Behind the rush by Harvard endowment et al out of private equity funds - That Keynes debate , again : There ...
Tuesday links: crossover calls
Abnormal Returns —
... Sharp declines in yields are not isolated to the U.S. (Bespoke)
“Modern financial models are highly imperfect, to be sure, and we the modelers are insufferably arrogant. But models don’t kill banks; bankers kill banks.” (The Big Money)
Why are college endowments dumping private equity stakes? (Market Movers, naked capitalism)
Private equity investments in financial ...
Reading: PIPEs, Harvard, Paulson II, China, Munis, etc.
Paul Kedrosky's Infectious Greed —
Some more quick links worth reading: Good list of broken bank PIPE deals (TheDeal) Harvard, Other Big Endowments Selling Private Equity Stakes at Big Losses (Yves) Interview with Jim Paulson: Much more pain to come (Bloomberg) China growth projections plunge (TheDeal) McKinsey Survey Economic conditions snapshot: Surprisingly sanguine, sort of (McKinsey) Municipal Bond Liquidity (SSRN)
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