2024-09-27
1 小时 7 分钟On today’s episode, Clay is joined by Ted Seides to discuss his new book — Private Equity Deals: Lessons in investing, dealmaking, and operations from private equity professionals. Over the past 20 years, the private equity industry has gone from a cottage industry to a powerful juggernaut that touches every corner of the global economy — now totaling over $6 trillion. Ted is the former president and Co-CIO of Protege Partners, and prior to that, he was a senior associate, working under investing legend David Swensen at Yale. He is the host of the popular podcast — Capital Allocators. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:04 - What has led to the growth in private equity over the past few decades? 06:39 - Why David Swensen referred to private equity as a superior form of capitalism. 08:47 - Why private equity has outperformed public equities as an industry. 14:19 - How the lock-up period in private equity impacts returns. 18:03 - Ted’s take on why private equity has been given a poor reputation. 28:34 - The importance of pricing to the seller in a private equity deal. 30:17 - How interest rate hikes have impacted private equity. 32:17 - An overview of KKR’s “perfect private equity deal.” 38:27 - An overview of Apollo’s purchase of Yahoo in 2021. 49:34 - An overview KPS Partners’ purchase of TaylorMade. 57:24 - What types of investors should consider an allocation to private equity? 59:18 - Ted’s portfolio allocation. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Ted’s book: Private Equity Deals. Ted’s book Capital Allocators. Capital Allocators Website & Podcast. Follow Ted on Twitter & LinkedIn. Related Episode: TIP444: The Changing World of Endowments & ESG Investing w/ Ted Seides. Mentioned Episode: TIP654: Investing Across the Lifecycle w/ Aswath Damodaran. Follow Clay on Twitter. Check out all the books mentioned and discussed in our podcast episodes here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River 7-Eleven Toyota Connect Invest Public TastyTrade Fundrise Shopify American Express The Bitcoin Way ReMarkable Sound Advisory Facet SimpleMining Bluehost HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoi
You're listening to tip.
On today's episode, I'm joined by Ted Seides.
Ted is the host of the popular podcast Capital Allocators and the author of the new book Private Equity Deals.
Over the past 20 years, private equity has grown from a cottage industry to a powerful juggernaut that touches every corner of the global economy.
Totaling over $5 trillion of investments, private equity constitutes an important investment allocation for public and corporate pension funds, university endowments, nonprofit foundations, insurance companies, families and sovereign wealth funds worldwide.
According to Hamilton Lane data via COBALT, over the 20 years ending December 31, 2022, the entire private equity industry generated a compounded time weighted return of 14.6% per annum, surpassing the 9.8% return of the S&P 500 net of all fees and expenses.
During this episode, Ted and I chat about what has led to the growth in private equity over the past few decades, why David Swensen referred to private equity as a superior form of capitalism, Ted's take on why private equity has been given a poor reputation, an overview of KKR's perfect private equity deal, Apollo's purchase of Yahoo and KP's partners purchase of Tailor Made, what types of investors should consider an allocation to private equity and so much more.
With that, I hope you enjoyed today's conversation with ted Seides.
Celebrating 10 years and more than 150 million downloads.
You are listening to the Investors podcast network.
Since 2014 we studied the financial markets and read the books that influence self made billionaires the most.
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Now for your host, Clay Fink.
Welcome to the Investors Podcast.
I'm your host Clay Fink and today I'm happy to welcome back Ted cites to the show.
Ted, it's great to have you back on the show.
Thanks Clay.
Great to be back on.
Well Ted, you've been on the show a couple of times to discuss how elite money managers invest as well as the world of endowments and hedge funds.
But today we'll be speaking about private equity.