What do Dunkin' Donuts, J. Crew, Toys "R" Us, and Burger King have in common? They are all currently or just recently were owned, operated, and controlled by private equity firms.
The New Tycoons: Inside the Trillion Dollar Private Equity Industry That Owns Everything takes the listener behind the scenes of these firms: their famous billionaire founders, the overlapping stories of their creation and evolution, and the outsized ambitions that led a group of clever bankers from small shops operating in a corner of Wall Street into powerhouse titans of capital. This is the story of the money and the men who handle it.
Go inside the private worlds of founders Henry Kravis, Steve Schwarzman, David Bonderman, and more in The New Tycoons, and discover how these men have transformed the industry and built the some of the most powerful and most secretive houses of money in the world.
Analyzing the founders and the firms at a crucial moment, when they've elevated themselves beyond their already lofty ambitions into the world of public opinion and valuation, New Tycoons looks at one of the most important, yet least examined, trillion-dollar corners of the global economy and what it portends for these new tycoons.
©2012 Jason Kelly (P)2012 Audible, Inc.
Yes, I would listen to it again. It was well balanced with historical and current information. I was entertained while listening about the individuals and decisions that led to the "industry that owns everything". I thought it was all about greed and job losses and surprised at how much I learned.
The Private Equity opportunity was not an obvious one and trail blazers such as George Roberts, Henry Kravis, Steven Schwarzman, David Bonderman, David Rubenstein created an unpopular and unlikely "wild west" business into what it is today.
Great key milestone stories; TPG bought TXU Energy in 2007, Occupy Wall Street movement, Mitt Romney and the White House, the decisions for KKR, Blackstone and Carlyle and Apollo to go public. I liked that Kelly included Canadian context and sharing of the PE start up in Ontario with Ontario Teachers Pension Plan (OTPP) and Canada Pension Plan (CPPIB). The recognition the Institutional Limited Partners Association (ILPA) was formed with many Canadian pension funds and the first organization to say, we need to do something to align interest of the investor with the interest of the industry and define a beneficial relationship.
It was not a laugh or cry type of book. I did find it entertaining.
No. I found the narration to be a little unnatural, as if it was generated by a computer. I have listened to Brett Barry's other sample recordings and found them to be similarly start-stop. Sometimes I wondered if the narrator was actually aware of the sentence structure of what he was speaking, or just saying the words as they appeared on the page without much thought to how they would be spoken in conversation.
Probably not, since I felt that the narration somewhat detracted from the story.
This is not that kind of book!
Again, I just think the narration was dry and digital. I feel bad writing this in case it really was a genuine narration, but I seriously wonder whether it was just narrated by a computer using Brett Barry's voice samples...
As for the book itself; it's interesting and complete enough to build an interesting and engaging story. I would certainly recommend the print book to anyone.
I started this book knowing most of the terms outlined in the beginning of the book, but I still benefited from hearing about the history of private equity from 1980s to 2010s, the conclusions from research studies done on the industry and profiles of the top firms. It provided information on the nuances of the industry that I found interesting and wove it into a mostly engaging story quite nicely.
Many reviews complained about the narration sounding robotic. I was almost put off by this and thought about resorting to buying the book hard/soft cover. Luckily, my need for instant gratification got the best of me. The narration is fine! If you're genuinely interested in the topic he's very easy to follow, his narration isn't bothersome at all.
I am an avid eclectic reader.
The first time I paid much attention to the term “private equity companies” was when Mitt Romney was running for President. They reported he made a fortune while working at Bain Capital a private equity firm. I saw the title of this book and grabbed it hoping I could learn more about this confusing topic.
Jason Kelly provides the history of private equity (PE) firms but more importantly he has gone behind the scenes to explain what makes the industry tick. He states the industry goes after unattractive, poorly run companies with potential, turns the companies around and then sells them for more than they purchased them. Of course, he points out that sometimes they make some big mistakes. Kelly states the United States private equity firms employs one out of twenty workers, their companies account for 8% of GDP, and they have over $3 trillion under management globally. Kelly not only writes about the companies but also the people who own them or run them. I was very interested in what Kelly reported about the big pension funds and their interactions with the PE firms.
The book is well written, well researched and appears to me to be neutral on the subject and unbiased. I learned from this book but feel I have just scratched the surface of the topic.
Least: Lack of analysis of actual LBOs or discussion of the industry at a closer-than-macro level. I.e., the book doesn't offer detailed analysis.
Kelly is clearly a talented author and diligent investigative journalist, but this work felt more like a series of articles than a book. A bit of weight could have been added by unpacking specific case studies of some of the deals, rather than just brushing over them in a few sentences. Barry performed satisfactorily.
I don't come from a finance background so the general overview was informative. However, it was sometimes hard to keep track of the flow of all the private equity companies and founders.
A solid history, review and commentary on private equity firms.
In the beginning the narrator comes off as stilted and robotic. You eventually get used to the narration, but there is a slight robotic element to it.
Overall, I'd still recommend it. The content is great
Too dense with information, a book worth reading but not worth listening to in my opinion
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