Finance&Investment

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Jeremy Siegel on the Dow Reaching 11,000: 'You've Still Got Upside'

The Dow has closed above 11,000, the European Union is bailing out Greece and the U.S. economy seems to be perking up. Is thefuture as bright as it looks? In fact, it looks pretty good, says Wharton finance professor Jeremy Siegel. While the Dow's 11,000

close doesn't mean much to professional market watchers, it can give ordinary investors a psychological boost. According to Siegel,

the U.S. economy is in a self-sustaining recovery, no longer dependent on government stimulus. And while the housing market

could take years to make up recent losses, the economy -- and stocks -- should do well, he said in an interview with

Knowledge@Wharton.

Why CEOs May Want You Talking About Takeover Attempts

Theory and common sense suggest that the marketplace imposes discipline on corporate managers. If top leadership performs

poorly, the stock price will suffer and the company might be at risk of a takeover. But according to new Wharton research, other

factors may mask the takeover "trigger" effect, making stock price a poor indicator of how the market views managers'

performance. In addition, the research shows why corporate managers often seem willing, even eager, to publically complain that

their firms are being eyed as takeover targets.

Goldman Sachs and Abacus 2007-AC1: A Look Beyond the Numbers

Goldman Sachs is the Wall Street mega-firm whose money-making prowess leaves many impressed, envious or suspicious. Now thefirm's reputation is on the l ine, as it fights a fraud suit brought by the U.S. Securities and Exchange Commission over a single deal

in 2007, the sale of a complex "synthetic collateralized debt obligation" called Abacus 2007-AC1. The deal lost investors $1 billion

but produced $1 billion in profits for Goldman's collaborator, Paulson & Company, a hedge fund betting the housing bubble would

collapse. Experts at Wharton and elsewhere analyze the financial, legal and ethical issues raised by a case that has riveted both

Wall Street and Main Street.

Betting on Future Movie Receipts: Beware the Hollywood Lemons

Wouldn't it be great if you could invest in a new film that you thought might be a real blockbuster? Now maybe you can. On

Tuesday, April 20, the U.S. Commodity Futures Trading Commission approved a movies futures exchange -- sponsored by Cantor

Fitzgerald investment bank -- that wi ll match buyers and sellers of future movie receipts. But given the way some futures

exchanges work, how good an investment is this for individuals? In this personal finance column, Wharton professor Kent Smetters

offers some answers.

Crisis, Contagion and Bailouts: What's Next for the European Union?

In the run-up to this week's announcement of the European Union's $960 billion stabilization plan, Wharton management professors

Mauro Guillén and Saikat Chaudhuri, and Jean Salmona, founder and chairman of the editorial board of ParisTech Review ,

participated in an interview with Knowledge@Wharton on likely outcomes from the financial crisis facing Greece, some of i ts sister

countries and the European Monetary Union more generally. How did events spin so out of control? How will the politics of the crisis

affect the Eurozone's economic performance? Guillén, Chaudhuri and Salmona addressed these and other questions on May 7, just

before the huge financial support package was announced.

Ailing Tiger: Why Ireland Isn't Out of the Woods Yet

Once dubbed the "Celtic Tiger" for its transformation from an economic laggard to a growth powerhouse, Ireland is now suffering

from a stunning reversal of fortune. What once helped drive its economic surge -- a booming real estate market -- has now become

the country's bane. Wharton faculty and other experts weigh in on whether it's fair to lump Ireland with Europe's other sick

economies, such as Greece, and what needs to happen for the country to regain i ts former glory as a magnet for international

investment.

Bruised but Not Out: A Bullish View on the Future of Financial Innovation

The Great Recession has given a black eye to the tools of financial innovation. Collateralized debt obligations, synthetic derivatives

and other once-arcane investment vehicles are now the poster boys of what went wrong -- toxic players in the boom-and-doom

scenario of the housing implosion and market rout. But these highly opaque and complex instruments are not representative of real

financial innovation, which stresses transparency and responsible management of risk, argues Wharton finance professor Franklin

Allen in his new book, F inancing the Fut ure: Market-Based Innovations for Growth, co-written with Glenn Yago, executive director

of financial research at the Milken Institute. Financial innovation, properly used, has been the engine of growth through the

centuries, Allen says, and is especially needed now to get the world economy on track again.

'Painful Retrenchment': What Will It Take to Get Britain's Economy Back on Track?

After the United Kingdom's May 6 election failed to produce a clear winner, its citizens have found themselves facing an unfamiliar



situation -- the formation of Britain's first coalition government in more than six decades. Under Prime Minister David Cameron, the

new government faces many challenges, not the least of which is dealing with a massive budget deficit during a time of recession.

Experts weigh in on the state of Britain's economy and the strategies the new government should adopt to prevent yet another

reversal of fortune in Europe.

The Brave New World of Sovereign Wealth Funds

Sovereign wealth funds, the large investment funds supported by governments, are mostly a positive economic force that can

provide a shot in the arm to the companies -- and countries -- they invest in. They are also a stabilizing force for the nation wherethe investment originates. Those are some of the main takeaways from a new Wharton study, "The Brave New World of Sovereign

Wealth Funds." In this interview with Knowledge@Wharton, Wharton management professor Mauro F. Guillén, who helped to

oversee the research, and two Wharton MBA candidates present some of their key findings.

Improving Our Financial IQs: Why Managing Money Should Be a Lifetime Skill

It's no secret that many Americans are financially illiterate, or unable to understand basic principles of money management. To

address this situation, Wharton, Dartmouth and the Rand Corporation have established the new Financial Literacy Center, which will

develop "educational materials and programs that help foster saving and retirement strategies over the li fe cycle." Annamaria

Lusardi, an economics professor at Dartmouth who will help lead the new Center, and Michelle Greene, deputy assistant secretary

for financial education and financial access at the U.S. Treasury Department, spoke with Knowledge@Wharton about the Center's

goals and why individuals need to be more proactive about their financial health.

Regulating the Unknown: Can Financial Reform Prevent Another Crisis?

Congressional negotiators are ironing out differences in two mammoth financial reform bills -- one passed in the House in December,

the other by the Senate in May. Backers say the result will prevent the kinds of excesses that led to the financial crisi s. Yet, whilesome of the measures likely to become law may help, there would sti ll be plenty of risk left in the system, according to several

Wharton faculty members. "[The proposed reform] is not, ultimately, a game-changer in terms of preventing a crisis," says

Wharton real estate professor Susan M. Wachter.

Whither the Euro: Safe Harbor or Fractured Fate?

With the financial crisis in the United States seemingly under control, Europe went into a panic of its own this spring, substituting

the specter of defaults on sovereign debt for the American penchant for defaults on home-mortgage debt. A stabilization package

valued at nearly $1 trillion was put into place in Europe, calming markets, at least for the moment. But where does the euro wind

up amid all this tumult? One view is that the euro is safe, bolstered by a sense that it is too important to fail. But others say it is

heading for a fall.

Why It Pays to Link Executive Compensation with Corporate Debt

The recent financial crisis, triggered primarily by bad bets in the financial sector, has added momentum to the idea that executive

compensation should be tied more closely to corporate debt rather than equity. Last month, for example, American International

Group (AIG) announced that it wi ll link incentive pay to the value of the troubled insurer's bonds. In a new paper, Wharton finance

professor Alex Edmans and doctoral student Qi Liu argue that these types of incentives protect bondholders' interests and the value

of the firm, particularly when a company's solvency is in question.

China's Renminbi Revaluation: Small Step, Big Impact?

China's announcement in June that it will abandon the peg tying the renminbi (RMB) to the U.S. dollar and gradual ly let its currency

appreciate was widely applauded in international business and economic circles. The decision is important, experts say, not only in

debates about the future clout of the dollar and the RMB in global trade and politics, but also for correcting global economic

imbalances. Yet now many observers are wondering what impact the revaluation will have on jobs and prices for the average

person -- whether in Boston, Beijing or anywhere in between.

How the Public and Private Sector Could Work Together to Thaw a Future Credit Freeze

Financial institutions add to their woes during an economic downturn, experts say, by refusing to provide capital to worthy

businesses because they fear other lenders will also cut back. In the end, banks create a credit shortage that does even more to

extend the crisis and delay recovery. In a new paper, Wharton professor Itay Goldstein examines different approaches to halt anover-reaching credit crunch and concludes that the private and public sectors should work together to direct money toward viable

businesses.

Ushering in a 'New Financial World' While Avoiding the Excesses of the Old

A panel at the recent Wharton Global Alumni Forum in Madrid was titled, "The New Financial World." "So, one might ask, what

happened to the old financial world?" was the question posed to Forum participants by Wharton finance professor Richard Marston,

who led the discussion. Marston asked his panel ists to discuss the causes of the economic crisis, the ways in which increased

market volatility should be managed, and how the world can address credibility issues related to global imbalances.



Private Equity: 'Is the Golden Age Behind Us?'

Before introducing the panelists taking part in a session during the recent Wharton Global Alumni Forum in Madrid called

"Relaunching Private Equity," moderator Raffi Amit summarized the challenges that both venture capital and private equity face at a

time when investors have become more conservative, returns are down, and transactions have declined in both volume and value.

Panelists offered their views on the new investment climate, and suggested strategies for coping with today's tough economic

environment.

From Recession to Recovery: A Focus on Higher Productivity, New Partnerships, CostCompetitiveness

At the opening session of the Global Alumni Forum in Madrid, Sebastián Escarrer, vice chairman of Sol Meliá SA, Wharton dean

Thomas S. Robertson and Wharton finance professor Jeremy Siegel each offered different observations about the state of the global

markets, the outlook for reform, and the roles that companies, governments and business schools must play in a newly

reconfigured economic environment.

Will the Economic Recovery Run Out of Steam?

After a year of solid gains, the economic recovery is beginning to slow. Demand is trailing off as inventory levels have been

restored and emergency stimulus measures withdrawn. Continued high unemployment and a downtick in housing are weighing on

consumer confidence and spending. Add unexpected shocks from Europe and a slowdown in China, and forecasters are now

ratcheting down their expectations for growth over the next year. While many still expect economic expansion to continue in the

longer term, "we have definitely hit a soft patch," one Wharton faculty member notes.

Shooting the Messenger: Quarterly Earnings and Short-term Pressure to Perform While most experts agree that a single-minded focus on the short term can cause negative consequences for companies, they also

suggest that blaming quarterly earnings reports, and the pressure to meet analysts' targets or company guidance, is like shooting

the messenger. Although the system of quarterly earnings might be broken, fixing it is no easy matter and might create even more

pressure to produce immediate results.

ABC's IPO Underscores the ABCs of Banking in China

With the world record-breaking $22 billion IPO of Agricultural Bank of China (ABC) on July 15, Beijing relinquished another small

part of its hold on the country's financial services sector. But the process of modernizing the country's banks is far from over, say

experts in China and beyond. As ABC and its local rivals struggle to shed their legacy as state-directed "pol icy banks," many

observers still question the central government's willingness to cede control over the balance sheets of what have become some of

the world's largest lenders.

Mid-life Crisis? Venture Capital Acts Its Age

The venture capital community is showing signs of middle age -- moving more slowly and cautiously than before, and hitting fewer

home runs than it did in younger, leaner days. As a result, experts say, the sector is having trouble producing the robust

performance long associated with it. This means investors need to look at venture capital, and its impact on their portfolios, in a

new way.

Financial Reform: What Will the Dodd-Frank Act Accomplish?

Following final approval of the sweeping Dodd-Frank Wall Street Reform and Consumer Protection Act on July 15, Obama

administration officials are now addressing audiences across the country to explain how and under what timetable they plan to

implement the law¶s broad intentions. In separate speeches at Wharton this month, Neal Wolin, deputy secretary of the U.S.

Department of the Treasury, and Diana Farrell, deputy director of the National Economic Council , outlined the administration¶s plans

to protect against some of the risks that led to the global financial crisis. Knowledge@Wharton offers coverage of their speeches,

along with faculty members' perspectives on what the new legislation will mean for the U.S. economy.

VC 'Super Angels': Filling a Funding Gap or Killing 'The Next Google'?

A new crop of small , nimble and tech-savvy venture capitalists are trying to bring back into vogue a more entrepreneurial, forward-

thinking and risk tolerant model for investing in start-ups. Dubbed "super angels," these firms and individual investors fill the

funding gap between angel investors and large VC firms. Although the sector boasts success stories, it also faces challenges --

including some industry observers who complain that super angels are cutting short the lives of companies that could be "the next

Google" by selling them before they have had time to develop a market.

Intel Capital's Keith Larson: Venture Capital and the Impending Pension Crisis

What does the rapidly unfolding pension crisis in the United States have to do with venture capital firms in Silicon Valley? A lot,

according to Keith Larson, a vice president at Intel Capital. In a presentation at Wharton San Francisco, Larson outlined how pools

of money largely dedicated to safeguarding the retirements of public employees pumped the venture capital ecosystem full of cash

for the decade prior to the current recession -- and then dramatically reversed course.



Intel Capital's Keith Larson: Venture Capital and the Impending Pension Crisis

What does the rapidly unfolding pension crisis in the United States have to do with venture capital firms in Silicon Valley? A lot,

according to Keith Larson, a vice president at Intel Capital. In a presentation at Wharton San Francisco, Larson outlined how pools

of money largely dedicated to safeguarding the retirements of public employees pumped the venture capital ecosystem full of cash

for the decade prior to the current recession -- and then dramatically reversed course.

In a Withering Market, Where Will Your Investments Grow?

After losing equity in their homes and stock portfolios, Americans are now scrambling to make up lost savings by moving moneyinto bonds and a host of other investments once considered either risky or unattractive. Although the dramatic shift in investment

behavior is unlikely to have a long-term impact on the economy, analysts warn that the new strategies could have a profound effect

on individual investors themselves. Wharton faculty weigh in on the potential upsides and downsides that consumers face as they

move into new investment categories.

Basel III and Risky Banking Behavior: Too Little, Too Lenient, Too Late?

As the world haltingly recovers from the recession, regulators are struggling to modify the financial system to prevent another crisis.

The latest effort: stricter capital requirements to help prevent large banks from collapsing under the weight of unexpected losses.

While the new proposals -- called Basel III -- are designed to reduce risk-taking by assuring that banks continue lending in a weak

economy, Wharton faculty and others are skeptical that the new proposals will accomplish this goal.

Worlds Apart: What's Behind the U.S.-China Currency Dispute?

Faced with the possibility of a global currency war, Western countries are increasing their scrutiny of China's currency policies,

accusing Beijing of intervening in the markets to keep China's currency weaker than it would be otherwise. In the U.S., politicians

and regulators say such tactics undermine efforts to boost exports, and thus take away jobs from American workers. But the

controversy is more complicated than that, and touches on policies and attitudes that go back decades. Knowledge@Wharton spoke

with Wharton professors Franklin Allen and Mauro Guillen about what is at stake, and why this particular conflict is so difficult to

resolve.

The Coming Meta-Boom and Meta-Bust -- One Economist's View Simon Johnson, a former chief economist for the International Monetary Fund and author of 13 Bankers: The Wall Street Takeover

and the Next F inancial Meltdown, says the recently passed Dodd-Frank Financial Reform Act does little to prevent the biggest

financial risk of our time -- banks that are becoming "too big to save," either because potential losses could overwhelm government

resources, or the public will refuse to sanction another large bailout. Following a recent talk Johnson gave at Wharton, he discussed

this and other issues with Knowledge@Wharton, including how shrinking big banks could ward off financial meltdowns, Ireland's

solvency-threatening debt burden and the implications of Basel III.

Can Regulations Create More Financially Savvy Consumers?

The recently passed Dodd-Frank Wall Street Reform and Consumer Protection Act creates a number of regulations designed tomake financial practices more transparent and to protect consumers from practices like predatory lending and overvaluation. But

can these regulations create a publi c that is more financially literate and therefore more engaged in managing their own money?

Some observers worry that the provisions of the new law are, as one Wharton professor says, "more in the protective regulatory

spirit than in the empowering spirit."

Election Upheavals: What's the Significance for Business and Beyond?

The political landscape in Washington and around the country shifted considerably as a result of the midterm elections, with

Republicans taking control of the House, gaining ground in the Senate and claiming several high-profile state offices against

incumbent Democrats. What are the elections' implications for the economy and the stock market, health care reform, the Obama

administration's leadership strategy and the future of both parties going forward? Knowledge@Wharton spoke with Wharton

professors Jeremy Siegel, Kent Smetters and Michael Useem, and Penn political science professor Marc Meredith about these and

other issues.

How Ignoring the Fine Print Caused Indian Investors to Pay More for Less

For years, researchers have tried to determine if mutual fund investors pay attention to -- or simply ignore -- fees when choosingwhere to put their money. Recent pol icy experimentation in the Indian mutual funds market provided data that sheds light on this

question. Wharton professor Santosh Anagol and PhD student Hoikwang Kim analyze what happened, finding that most investors

don't read the fine print on fees when choosing a fund -- a decision that often ends up hurting them financially.

Sino-U.S. Trade Relations: 'They're Playing Football; We're Playing Baseball'

While the dust settles on the U.S. 's midterm elections, questions abound about where the country's international trade and

economic policies go from here. As it stands, the U.S. is squarely "at a disadvantage" with countries like China, argues economist

Clyde Prestowitz, a former trade negotiator and author of The Betrayal of American Prosperity. Wharton management professor

Stephen J. Kobrin and Knowledge@Wharton spoke with Prestowitz about the elections and beyond, how the U.S.'s economic



leadership is being undermined, whether China's development is a threat or an opportunity, and what options President Obama has

to take global economies off the path of "mutually assured destruction."

Why Kenya's Elkanah Odembo Believes All Roads Should Lead Investors to Africa

Africa today contributes barely 1.5% to world trade, but its future is brighter than that number might suggest. The continent has a

growing middle class, institutions that are investing heavily in infrastructure, and in another decade, i t will emerge as a market of

one billion consumers. Elkanah Odembo, Kenya's ambassador to the U.S., visited Wharton recently and spoke with

Knowledge@Wharton about the potential rewards and risks of investing in Africa.

The Big Financial Stretch: Preparing for Those Later Decades

Baby boomers want to keep working to remain useful and active but are woefully unprepared for their later decades. Studies show

that most workers in the United States and other countries have given little thought to long-term financial planning, even though

many are at risk of running out of money during retirement. Nor have they given much thought to the type of work they want to do

in "encore careers" designed to help them remain engaged with society and mentally and emotionally fit.

The Big Pay Off: Why Hedge Funds Can't Afford to Ignore Risk Exposure

While to outsiders the hedge fund industry often looks like the Wild West, hedge funds aren't exactly betting the farm on a roll of

the dice. In fact, many hedge fund managers spend considerable time and money trying to insure that the potential gains from any

investment strategy will be worth the risks. So how well does risk management work? And what types work best? Wharton

accounting professor Gavin Cassar and a co-author study the risk management practices of 114 funds in a new paper ti tled, "How

do Hedge Funds Manage Portfolio Risk?"

The Global Economy in 2011: A Rocky Ride or Smoother Sailing Ahead?

In the United States, most experts are betting that the economy will grow stronger in 2011, but they warn that high unemployment,

a depressed housing industry and other problems could dampen growth. Meanwhile, the fate of the euro is still in question, and the

specter of inflation looms large in China, Latin America and India despite their resilience to the recent global downturn. In the

Middle East, observers expect renewed growth, but they note that resource constraints will become an increasing problem.

Knowledge@Wharton spoke with Wharton faculty and other experts to get their views on what's ahead in 2011.

'A Major Transformation': The Pros and Cons of the Dodd-Frank Act

According to Wharton experts, the Dodd-Frank Wall Street Reform and Consumer Protection Act is a good start toward future

financial stability, but they warn that significant concerns remain unaddressed, and stress that the details of implementation must

be handled carefully to avoid creating new problems. "I don't think there's a full appreciation of the major transformation of the

financial structure that is upon us," one faculty member says.

Bouncing Back: How South Korea Is Taking the World by Surprise

For many South Koreans, the country's brushes with economic disasters in recent times have been a journey "that carries deepemotions," the country's prime minister, Chung Un-Chan, acknowledged in his keynote address at Wharton's recent Global Alumni

Forum in Seoul. The event served as a poignant reminder of the host country's remarkable resiliency: The last time Wharton held a

gathering in Seoul was 1999, as the country reeled from the Asian currency meltdown. Back then as today, Chung said, Korea

"surprised the world" and recovered far faster than expected. Now, the country needs to prove that its economy is more shock-

resistant than ever.

Israeli Venture Capital: Between a Rock and a Hard Place

The VC industry, once lauded in Israel for i ts ability to launch a rich stream of high-tech start-ups, has been hurt on two fronts of

late: Firms in the sector cannot raise money for new funds and they also can't easily exit from existing investments via IPOs. The

question is whether this painful squeeze is merely part of a cyclical slump or representative of something more far-reaching. The

doomsday scenario, according to some industry experts, is that future high-tech start-ups will not need the VC industry as much as

before.

Can Chile Recapture the Growth of Its 'Golden Decade?'

Chile's economy appears to have held up wel l against significant recent headwinds, and some private-sector observers go so far asto suggest that growth rates similar to those of the "Golden Decade" may be realized again.

Expect Europe's Private Equity Market to Contract

Dalip Pathak, head of Europe and India for Warburg Pincus, discussed the future of private equity and venture capital in his keynote

speech at the recent Wharton Private Equity and Venture Capital Conference titled, "A New Dawn: Investing in the Post-Crisis

World." Although deal flow is starting to pick up, Pathak nevertheless expects the private equity industry to contract in Europe with

fewer firms managing somewhat smaller funds. He described the fundraising environment in Europe as "tough," observing that "we

are not in a situation of stable equilibrium." As a result of the rise of China, India and emerging markets, "we are in a very dynamic

situation and it is going to stay that way," he said.



The Dodd-Frank Financial Regulatory Law: Long-Awaited Cure -- or Cause for 'Wild-Eyed Alarm'?

President Barack Obama's policy architects say they will begin enforcement of a sweeping new set of financial regulations intended

to govern risk-taking on Wall Street and offer greater protection to consumers. The goal is to help the U.S. economy return to

prosperity even as troubling signs of a global downturn remain. In recent speeches at Wharton, Neal Wolin, deputy secretary of the

U.S. Department of the Treasury, and Diana Farrel l, deputy director of the National Economic Council, discussed the financial

overhaul and its timetable for implementation.

For PE Firms, Liquidity Remains the Key Issue With easy access to financing, large leveraged buyout firms grew to massive sizes during the private equity (PE) boom between

2005 and 2008, often with shares in deals valued in the billions. Now, following the global economic meltdown, speakers at the

recent Wharton Private Equity and Venture Capital Conference, "A New Dawn: Investing in the Post-Crisis World," explored how the

industry is faring. One speaker noted that, pre-crisis, there was a moment in time when "our industry forgot that we have to pay

every penny of that debt." Another said PE firms are focusing on providing added resources to support their portfolio companies in

today's suppressed markets. One upside of the boom years: Much of the PE financing in place has few or no covenants, which gives

companies some breathing room.

Korea's New Central Bank Boss: Finding the Path to Global Financial Stability

South Korean central bank governor Kim Choong Soo is no stranger to controversy. When Lee Myung Bak, the country's president,

called on his former economic adviser to be head of the central bank for a four-year term starting in April, many of the

government's critics cried foul, saying that the appointment of such a close political ally compromises the financial institution's

independence. In an interview with Knowledge@Wharton following his speech at Wharton's recent Global Alumni Forum in Seoul,

Kim discussed his views on central bankers' independence as well as the hotly debated reforms he said the international foreign

reserve system so sorely needs, among other topics.

Private Equity Opportunities in Emerging Markets Could Help Offset a Slow Recovery Elsewhere

While the United States and Europe were hit hard in the global economic crisis, many emerging markets have fared better and

private equity investors may be poised to benefit from new opportunities overseas. But these markets are in different stages of

maturity and each has unique opportunities and potential pitfalls, according to panelists at the recent Wharton Private Equity and

Venture Capital Conference.

Is China Private Equity's Next Rock Star?

Watch for China to become the world's center of private equity within five to 10 years, according to David Rubenstein, co-founder of

The Carlyle Group. Paving the way for this top ranking are strong economic growth, myriad opportunities, little competition and a

mostly laissez-faire attitude towards business. "When I'm in Washington, D.C., people are barraging me, [saying that] I'm not

paying enough taxes.... In China, people want my autograph ... private-equity professionals are like rock stars."

Private Equity: Part of the Crisis or Part of the Solution?

Panelists at the recent Wharton Private Equity and Venture Capital Conference considered whether private equity (PE) was a key

contributor to the financial crisis -- or a scapegoat -- and also looked at what role it might play in a recovery. To the extent that PE

has taken a hit to its reputation, the problem is one of communication, according to one panelist, because "it is difficult for the

average newspaper reader to understand the role of PE in the economy." But another paneli st argued that PE must "look in the

mirror and admit we did over-lever and as a result overpaid. The benefit fell to the seller, not the buyer."

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