China headwinds
China, recently the world’s economic engine, faces headwinds directly linked to trust-erosive political missteps: #1: In the absence of
The Masters 2024
My first trip to Augusta for the Masters, where I saw my old nextdoor neighbor Scottie Scheffler and “talked hoops”
Negotiating NWC
Negotiating working capital - inventory, receivables, and payables - is often the most contentious part of a deal. Here is
US jobs in 2024
US job numbers continue to surprise, with last week’s report showing 303,000 new jobs in March. Incumbent politicians
4.1m people turning 65
A record 4.1 million people are set to celebrate their 65th birthday in the US in 2024. Within that
Bad news = Good news
A podcast I listen to suggested that “both good news and bad news are positive for the market these days.
8 Graduates from Tech Track
8 apprentices successfully graduated from the Tech Track program at Service Star Brands this week. We celebrated with a company-wide
Keep the ball in your court
When dealing with business owners, don’t leave the ball in their court. They’re busy and many suck at
Bain 2024 PE Report
From Bain’s 2024 Private Equity Report webinar: • 2023: Fundraising, exits, dealmaking, and capital velocity were strongly affected by rapidly
5.30% savings rate
So 2024: one of my WhatsApp group chats is ablaze with discussions on which bank offers the best rates. I’
Don't anchor
According to my professor at b-school, the first person to throw out a number loses. Not in my experience. A
Launching Minds Capital
(March 19, 2024) Here we go! Officially launching Minds Capital, an equity fund investing in sponsor-/searcher-led acquisitions. Our goal
UpSmith Podcast (May 2023)
Wyatt Smith is an authority on workforce productivity. We need people of his extraordinary caliber to solve one of America’
Conviction + Hustle
“But how do you get deals under LOI when you don’t have committed capital?” This is the most common
"Underemployment"
52% of recent four-year graduates are "underemployed" (vs. the normal rate is ~1/3). Underemployed is when "
Document everything
If you’ve just acquired a business and things don't feel quite right, start a document where you
AI killing office jobs
For years we envisioned that AI robots would kill blue-collar jobs (assembly lines, warehouses, chauffering, cashiers). Instead, in 2024 there
Leap Day
Shouldn’t Leap Day be a public holiday? You work an extra day without pay!
S&P 500 at 21x
The S&P 500 is trading at 21x current earnings (vs. the ten-year average of 17x), suggesting there’s
Financial Times: Deal-by-deal PE
Deal-by-deal private equity is in the wind. The space is maturing in the US, but it is in the early
Diligence vs. Fundraising
There is an inevitable conflict of interest between (1) diligencing & negotiating a deal and (2) raising capital for it.
US Dollar Strengthening
How come the US dollar strengthened versus other currencies while weakening against itself? Weakening against itself is an absolute measure.
Searcher & Sponsor Conferences
Searchers and independent sponsors: Here is a list of the relevant conferences for you (click link in the comments below)
2023 Homebuilding Boom
Homebuilders are the unlikely benefactors of the rising rates that tanked housing demand. 2023: Double interest rates + inflated home prices
