Finance Glory

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Silver Lake’s Fundraising - Cheap Tech Targets?

By The Prince ⋅ March 4, 2008 ⋅ Post a comment

4 Mar 2008 - Silver Lake Partners announced yesterday that it closed its third tech-focused buyout fund with $9.3 billion in committed capital. LBO Wire and peHUB broke the story but Silver Lake has not confirmed it publicly. This fundraising started back in 2006 with $7.5bn target. Silver Lake’s previous fund closed at $3.6bn. Silver [...]

Covad Communications Buyout Arbitrage Update

By The Prince ⋅ March 4, 2008 ⋅ Post a comment

4 Mar 2008 - Check out this update from Intelligent Speculator on the Covad Communications buyout arbitrage opportunity. The Prince also blogged about Covad and attempted to handicap the deal based on public information. Intelligent Speculator points out that the deal is now closer since the acquisition has cleared anti-trust and the shareholders have approved [...]

Munis Should Form Cooperative Entity to Self-Insure

By The Prince ⋅ March 3, 2008 ⋅ 9 comments

The Prince has been following the troubles of the bond insurance business for the last few weeks. Many thanks to Naked Capitalism, Alea Blog, and Information Arbitrage for their commentary to supplement The WSJ. It now appears that many of the largest monolines (bond insurers), if they are able to raise additional capital and follow [...]

Featured Trade: BAC and CFC Drama Continues

By The Prince ⋅ February 24, 2008 ⋅ Post a comment

On its face this deal seems like a merger arbitrageur’s dream. The deal has tacit/implicit government support, the two companies stand to gain in both the short and long term, there hasn’t been any negative news from the top counterparties regarding the deal, another suitor for CFC hasn’t materialized. However, opposition to Bank of America’s [...]

Marrying Another Banker

By The Prince ⋅ February 21, 2008 ⋅ Post a comment

21 Feb 2008 - Here is an interesting forum thread from Wall Street Oasis on whether a banker should marry another banker. It contains some really interesting perspectives and is worth a read through.

Top 50 Buyout Firms - May 2007

By The Prince ⋅ February 21, 2008 ⋅ Post a comment

20 Feb 2008 - Here is an interesting list ranking PE shops by size of all PE funds combined. It is only as of May 2007 and some of these funds have raised more funds since then however, it is interesting none the less. Here are the top 20:
1 The Carlyle Group $32.5 billion [...]

Credit Suisse Rolls Over Troubled UBS

By The Prince ⋅ February 14, 2008 ⋅ 4 comments

The Prince does admit that the typical Morgan Stanley v. Goldman Sachs v. JP Morgan commentary does get old. Bloomberg today drew attention to another rivalry that doesn’t get as much attention in the U.S., the Credit Suisse v. UBS rivalry. The Prince is trying to block out comparisons he wants to make to college [...]

The Prince’s Favorite Sites for 2008

By The Prince ⋅ January 17, 2008 ⋅ 5 comments

Here are The Prince’s favorite blogs and sites that he reads nearly everyday.
Economic News
RGE Monitor - This is simply the best site for aggregating what economists are saying about the domestic and international economies. The pieces are of extremely high quality and it is a great place to look for emerging trends for you to [...]

Bank of America is the Smart Money on Countrywide

By The Prince ⋅ January 17, 2008 ⋅ 2 comments

The Prince understands that this post is little late but he has been skiing and away from his computer. The Prince really thinks that BofA’s purchase of Countrywide announced last week is going to be one of the best acquisitions made by BofA. This is a classic example of buying great assets at depressed value. [...]

New Year’s Champagne for Bankers

By The Prince ⋅ December 31, 2007 ⋅ Post a comment

The Prince had just finished off a prime rib with a red wine reduction for Christmas and was already thinking about New Years. Not everyone on Wall Street is going to be toasting the new year with dreams of a big bonus hitting their accounts in the New Year. So these tasting notes may be [...]

Random Wall Street Quote

You see that building? I bought that building ten years ago. My first real estate deal. Sold it two years later, made an $800,000 profit. It was better than sex. At the time I thought that was all the money in the world. Now it's a day's pay. - Gordon Gekko