Philip Inderthal’s Post

📊 **Explore the Latest Trends in Global Private Equity** 📊 The newly released "Coller Capital Global Private Equity Barometer - Summer 2024" provides an in-depth analysis of current trends and future expectations in the private equity sector. This comprehensive report presents insights from private equity investors worldwide, addressing topics such as market growth, investment strategies, and key challenges facing the industry. 🔗 **Source:** [Coller Capital Global Private Equity Barometer - Summer 2024](https://lnkd.in/gqs25-zg)

Want to gain valuable insight from one of New Zealand's largest and most prestigious investment firms? Want to learn more advanced quantitative techniques in stock valuation? Well, come along to Craigs Stock Pitching - Part 2, running from 6:00pm onward on the 9th of May in OGGB Case Room 3 (260-055) Building on from the first tutorial in our Stock Pitching series, this is an excellent chance to learn and hear directly from representatives at Craigs and how they analyse a stock from a more numbers-based and measurable point-of-view. This tutorial will provide a deep dive into quantitative stock analysis, in particular, examining the DCF (Discounted Cash Flow) valuation method. We intend to break down any technical barriers and gaps in knowledge that students may have, making the competition approachable for first-timers and returning participants alike, and so we highly recommend it, especially if you have no prior finance knowledge! Event details: When: 9th of May, 6:00- 8:00pm Where: OGGB Case Room 3 (260-055) Note: You do not need to be participating in the Craigs Stock Pitch Competition to attend this educational event.

The PitchBook Quantitative Research Team has just released their latest Analyst Note: Taking the Private Out of Private Equity. This note is a must-read for anyone interested in buyout investing. The PitchBook Buyout Replication Portfolio uses take-private data and a neural network to replicate buyout investing with listed equities, sector adjustments, and additional leverage. Want to learn more? Get in touch with the team at PitchBook today!

In their recent white paper Small Caps are Beautiful, Charles LaRosa and Cameron Acito, of Gabelli Funds, highlight the opportunities arising from the market’s top-heavy structure and articulate how small-cap companies stand to leverage this market dynamic to their advantage. The team underscores the role of active management in generating alpha within portfolios, while also emphasizing how small cap companies are uniquely positioned to thrive in a declining interest rate environment. Click to read the full whitepaper. https://bit.ly/3VCBE2u

Earlier this month I was joined by a great panel of industry experts for our hosted Private Equity Secondaires webinar. Together, we explored the evolving landscape of PE secondaires and the strategies being implemented to navigate market challenges and capitalize on opportunities. The blog post below captures the key insights and actionable takeaways from the discussion that followed. #privateequity #pesecondaries #secondariesmarket #privatemarkets #peinsights

EQUITY STORY: Peak Spirit invited me to hold a seminar on `How to build an equity story and what companies can do to convince and attract investors.` The webinar focused on the Core Beliefs of Market Communications and Investor Relations, Best Practices in Investor Communications, and the importance of an Equity Story in determining an IPO's success. It also touched on and framed the Core elements of a successful Equity Story. In short, an Equity Story must answer only one key question: Why should I buy into your company versus the range of similar risk and return alternatives available? Thanks also to McKinsey for lending me some of the critical charts and market surveys on the success and failures of an IPO. https://lnkd.in/ejbcP_DT

"It's Getting Ugly Out There" -my e-letter from a few weeks ago - some key excerpts are below. Sign up here to get them as they come out: www.newconstructs.com. I held a live webinar explaining the hottest sectors, key stocks to avoid and the proprietary research we have at New Constructs. It’s a limited time presentation and offer.  Markets move fast. They can turn on a dime. If you’re investing based on a narrative without understanding fundamentals, you’re playing a very dangerous game. And, I’m going to share a stock that is a perfect example of just how damaging narrative-based investing can be. I’m not saying your investing process should be 100% fundamentals-based, but I am saying it should NOT BE 0% fundamentals-based. People can say fundamentals don’t matter, and they might be right for a short time, but, in the end, fundamentals always matter. It’s a law of nature: businesses that do not make money cannot survive forever. Ignoring fundamentals is like playing chicken with a freight train. You’ll be fine if you jump off the track in time, but if you wait too long…splat. If you jump too soon and others HODL longer, you miss out on big gains. You have to wait until the last second, time the market and sell near the peak. Easier said than done. Just ask all the investors who lost a fortune in 2022. Or, you can use fundamentals to get your cake and eat it too. I mean: use fundamentals AND technicals. Use fundamentals to help you gauge just how far away a stock’s valuation is from its fundamentals so you have a better sense of when to jump off the track. Just an idea. Ok, here’s the perfect example of a Wall Street pump-and-dump stock scheme that was designed to take advantage of unsuspecting investors. This one is so obviously exploitative that it makes me angry to write about it. Having seen so many of these tricks over the years, I honestly get frustrated knowing that these ruses still work. Then, I realize that I’ve been inside Wall Street firms, and I have seen things, terrible things that opened my eyes to the realities of how devious these firms are. And, most people have never had anything like those experiences. So, it is part of my duty to support the integrity of the capital markets to explain what is going on. The bottom line is that most people simply do not realize how sneaky Wall Street analysts can be. So, here’s a perfect example, on April 11th, Wells Fargo analyst Elyse Greenspan raised her price target on Root (ROOT) from $12 to $64, or 500%, while not changing her “Equalweight Rating”. That’s not a typo. [Thanks to Giulio Helmsdorff for bringing that to our attention in a recent post he made in our Society of Intelligent Investors: “Sell Side Analysts Never Fail to Entertain”.] This “upgrade” happened after the stock nearly doubled. See chart below. My guess is that institutional investors needed more time to get out of the stock before it cratered, so Ms. Greenspan stepped up, baited the hook, and the rest is history.

The traditional VC model of investing in early stage startups and seeing it to reach a certain stage before exiting is becoming increasingly tough in current economic environment. Venture Capital firms are increasingly focussing on secondary sale of shares of portfolio companies as an exit option in absence of the more common IPO market or acquisitions due to drying of liquidity with the prevalent high interest regime. This opens an important pre-ipo landscape of companies waiting in the queue for IPO. Can this be the reason to revive the once popular SPAC vehicle to take promising companies to the capital markets? https://lnkd.in/ddu6q3ik #Equities #Secondarysale #Venturecapital

I know the Agri-Investment & Capital Market Conference happened last month, however, it's not too late to make a post about it. Ever been to a conference where you meet and pitch one-on-one to leaders of venture capital firms, private equity firms and leaders of top-rated financial institutions without any bias but purely on what value you can offer? well, here it is. It is amazing what opportunities lie in transaction advisories and deal structuring. Having financial literacy is one thing, understanding how the global market, economics and corporate finance actually work is another thing. The journey so far, has been worth it.

JUNIOR VCs: DO NOT ask your senior partners for help understanding something you can learn from a book. They're too busy to teach you. Instead, use your time with senior partners to focus on what you CAN’T learn from a book: good judgment. For everything else - term sheets, cap tables, metrics benchmarking, market sizing, cohort analysis, comps, valuation, returns waterfalls, etc - LEARN IT YOURSELF. linktr.ee/morganpolotan #venturecapital