Observing from the private equity side of the fence I say the revolution in technology and efficiency continues, the deal frenzy and valuation heat has gone tepid, and no observable signs of panic from the investor side, only from the sell-side, especially from marginal deals. All this can only be good for 9984.
But, 9984 must soon get into infrastructure and projects with tangible book value, and also, operating revenue would help matters, from operations or dividends. An empire built on debt and dependent on IPO infusion may go the way of the dino when Japan interest rate heads up.
Infrastructure deals welcomes anyone with money. B2B deals may not be open to the VCs much longer if at all even now.
So, we do AOL, SNE, CHL, PHCM, MSFT, and such old standbys that presumably have the stamina to last out most storms. Again, healthy dollops of gold and platinum to hedge a world I do not quite understand.
On 9984, we collectively have made our bed and have no where to go for the long dark night. |
