Posts by: Jay Poffenberger

Creating Value In A Maturing Private Equity Market

Creating Value In A Maturing Private Equity Market
As the private equity industry has matured, massive capital inflows and the proliferation of industry professionals has created competition across all segments of the marketplace. As in any industry, over time this competition has diminished both expected and actual returns on capital deployed. The era where astute financial engineering alone is sufficient to generate superior returns is over. Indeed, competition… read more →

Defending the Castle

Defending the Castle
"In business, I look for economic castles protected by unbreachable 'moats'." -Warren Buffett   Warren Buffett has long preached investing in businesses one understood, not only in terms of what the business does but also in terms of the predictability of the long term economics of the industry. Accordingly, in assessing the width of the "moat" he speaks to enduring… read more →

Welcome To China

Welcome To China
Investing in companies with subsidiaries in China creates challenges and obstacles not prevalent in the United States. Local customs, culture, labor law, commercial law, and taxation, but to name a few, are significantly different as is the challenge of financing middle market companies operating abroad. Over the years, we have been involved with several businesses with international operations and currently… read more →

For A Random Walk Down Main Street

For A Random Walk Down Main Street
"Beware of geeks carrying calculators" ~Warren Buffet Most finance majors at MBA programs during the 1980's, were introduced to Modern Portfolio Theory. We were taught about efficient markets and introduced to the Random Walk notion that stock prices in the public markets were efficient and factored in all available information such that their purchase or sale represented a zero net… read more →
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