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.
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.
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.
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.
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
Nice to have a summary of this industry all in one place... Great overview and thorough presentation of the intricacies of the money industry (and its main players) that makes the world go 'round. Definitely a good buy for finance geeks and those wanting to join the industry
It goes through historical events in details reqarding successful private equities, which is nice thoughtful journey.
Better & higher quality narration
Too dense with information, a book worth reading but not worth listening to in my opinion
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