Excuses That IPO Windows Close for Summer Holidays Make No Sense
Orlando Bravo · Private Equity Masters 7: Orlando Bravo – Thoma Bravo (Capital Allocators, EP.206) · Aug 2, 2021 · at 1:02:31
Orlando Bravo, founder and managing partner of private equity firm Thoma Bravo, discusses common investment pet peeves and market narratives with Ted Seides.
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“The big one is how so many market participants explain the market as if it's true. So for example, when they say, well, the reason this time is not good for IPOs is although the market is up, that's the secondary market, but the primary market is struggling right now because we're about to go into the summer and many portfolio managers are going to be taking the summer off as if that's true and that it spreads around and people tell the story that absolutely makes no sense. You know, hedge funds don't sleep. They're highly competitive. They'll look at any deal at any time. So do we. It doesn't make any sense. But people kind of start talking about this and almost believing it and behaving as if it's true.”
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