The Ledger
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US private equity multiples are distorted and significantly overpriced
“Now I think private markets are much more expensive than public markets, and you can see this with the venture-backed stuff like WeWork. Private markets say it's worth seventy-five billion. Public markets say it's worthless. You can see it in the deal multiple…”
Wolfe: WeWork will face severe downside operating leverage when economic conditions contract
“The operating leverage that those businesses, by the way, get on the upside is huge. But once you have this precipitous pruning and these people start disappearing, I think the operating leverage that you get on the downside is going to be really painful. And …”