But if you know the basics, it's hard to get more out of this book than a few interesting tidbits. They are all currently or just recently were owned, operated, and controlled by private equity firms. It's not a particularly thrilling read, no -- but if you are looking for a 101-102 level primer on this industry which directly or indirectly employs millions of American workers and operates countless businesses along a broad continuum , then you couldn't find a better resource. I was strolling around a Blackstone-owned property. The author states that many businesses are managed by private equity. Granted, he does this in a bit of a heavy-handed again, he goes very heavy with the jargon despite him explaining everything, which is what I wanted and dry way he doesn't go for wide-sweeping crowd pleasing moments all that often, despite the book being peppered with anecdotes and amusing instances.
He covers the global private equity industry. They, and millions of folks like them were, usually unknowingly, owners of dozens of companies on my ever-growing BlackBerry list. Private equity, by its nature and design, is secretive, a breathtakingly wealthy corner of the world where the names only occasionally escape the business pages, names like Stephen Schwarzman, David Bonderman, and David Rubenstein. Although interesting for the general reader, the book will be of most interest to those who work in the global financial services industry and who can relate readily to the firms under consideration here. There are times where the author writes a critical perspective of every player except for Blackstone and Mitt Romney. The name may have changed, but the basic business model was the same: collect money, pair it with debt, and buy a company with the intent of selling it down the line for a profit.
Distilling an enormously complex and nuanced world into fewer than 200 pages could not have been easy, so my congratulations to Mr. I was strolling around a Blackstone-owned property. But in this case, that's just scratching the surface. His private-equity career has brought the industry into the public consciousness in a never-before-seen way, prompting its largest players to explain themselves with at times surprising candor. Learning what these firms do and how their strategies increase the value of their portfolio companies was an educational experience.
The book has a timely edge given the presidential candidacy of Mitt Romney, a former chief executive of Bain Capital, and is certainly well researched. A perusal of the book takes one into the workings of institutions that control huge amounts of money and deeply impact millions of lives. Subtitled Inside the Trillion Dollar Private Equity Industry that owns Everything, Kelly tries to demystify the complex world of private equity through telling the stories of the leading characters and key firms in the industry. That quote struck me as ironic to the point of hilarious, especially in 2011 and 2012. With on-the-ground reporting, personal observations and richly drawn anecdotes, Kelly takes the story far from Wall Street and into companies controlled by private equity, examining how the business affects us as workers and taxpayers. It talks about the ups and downs of the corporate world, and discusses those involved.
His private-equity career has brought the industry into the public consciousness in a never-before-seen way, prompting its largest players to explain themselves with at times surprising candor. Click on the cover image above to read some pages of this book! They are all currently or just recently were owned, operated, and controlled by private equity firms. With numerous private equity firms going public for the first time, Jason Kelly takes us on a journey through how these firms that own everything operate, where their money comes from and where it goes, and how every day millions of customers, employees, and retirees play a role in that complex tangle of money. The biggest names seem to responding. Earlier this month, they bought majority control of a commodities hedge fund manager. Business writing can be highly entertaining and informative as books by Michael Lewis and Bryan Burroughs demonstrate. I started a running list on my BlackBerry that quickly grew to dozens of examples.
Emerging from the crisis, existential questions abounded. Pick up Kelly's well-written, well-edited book. Blackstone, Schwarzman's firm, alone counts almost a million employees through companies it controls. Kelly notes that he is trained to look for surprise and that as he researched the book, the omnipresence of the industry surprised even him. It also involved lots of negotiations outside the boardroom: Environmentalists were courted. The investment portion of the process comes into play when the general partner makes a move let's say, buys a vulnerable company using the cash set aside for investing.
We Oath and our partners need your consent to access your device, set cookies, and use your data, including your location, to understand your interests, provide relevant ads and measure their effectiveness. Either way, we can all benefit from additional perspective on an industry that occasionally does make the news for negative reasons. The relatively small firms they've created, by virtue of what they were able to buy with those ever-growing pools, gave them outsized influence as owners and employers. We'd woken up in a Homewood Suites, owned by Blackstone-backed Hilton. So much is owned by the industry, and the appetite to run the numbers on businesses that are not, appears to be relentless. For example, when you search for a film, we use your search information and location to show the most relevant cinemas near you. The majority have gone public, offering stock to retail investors, ensuring steady access to more money, and providing a means for which the billionaire founders most of whom are already in their 60s to cash out their holdings.
It also provides perspectives of the core practitioners and other parties intricately involved such as institutional investors and managers of portfolio companies. A Bloomberg news reporter, Kelly is familiar with his subject and he traces the mushrooming of this industry from a relatively small niche area of financial service into a globally powerful phenomenon. A few months later, I had dinner with Greg Brenneman, who'd held top positions at Continental, Burger King, and Quizno's, all private-equity-owned at the time he was involved. Some private equity firms are passive, and don't try to improve operations. The pensions are demanding more information and refusing to pay some of the more exorbitant fees that defined and fueled the biggest investment firms. Their investors, especially public pension funds, are desperate for returns right now. What these guys are doing matters to all of us in some form or fashion.