Brian DeChesare

NOVEMBER 1, 2023

When you hear the words “healthcare private equity,” two thoughts probably come to mind: Wait a minute, isn’t healthcare a risky/growth-oriented sector? Before delving into these nuances, we should take a step back and define the sector: Definitions: What is a Healthcare Private Equity Firm? Why do PE firms operate there?

Equity 59

Equity Private Equity Firm Start-ups Banking 59

Brian DeChesare

AUGUST 16, 2023

As with investment banking in Hong Kong , I can summarize private equity in China in one sentence: “If you’re not Chinese, don’t even think about it, and even if you are Chinese, it’s best if you have great connections within the CCP and want to stay in China long-term.” This may change due to factors like the “decoupling” with the U.S.,

Equity 75

Equity Banking Start-ups Private Equity Firm 75

Musings on Markets

FEBRUARY 8, 2024

I was planning to finish my last two data updates for 2024, but decided to take a break and look at the seven stocks (Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla) which carried the market in 2023. In terms of dollar value added, Microsoft and Apple each added a trillion dollars to their market capitalizations, during the year.

Marketability 115

Marketability Market Capitalization Start-ups Equity 115

Brian DeChesare

JANUARY 3, 2024

The markets in 2023 were almost a complete reversal of 2022, and hardly anyone – me included – saw it coming. My portfolio did “OK” (up 10% for the year), but it greatly underperformed the S&P 500 , which was up 24%. Gold did well (up around 13%), but I had 10% or less in it the whole time.

Marketability 59

Marketability Start-ups Equity Dividends 59

Mckinsey and Company

MARCH 19, 2024

Despite market slowdown and funding woes, some agriculture technology start-ups still retain high value. Here’s how investors can identify and pursue these opportunities in time.

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Start-ups Technology Marketability Equity 104

Sun Acquisitions

SEPTEMBER 9, 2022

If it makes financial sense and you understand the dilution aspect of selling equity and the potential interference from investors, then yes, go ahead. Whatever your motives for giving up part ownership in your company, there are things M&A brokers want you to be aware of. Selling equity – the good, the bad, the ugly.

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Equity Start-ups Private Equity Firm Business Valuation 52

Brian DeChesare

OCTOBER 18, 2023

Even though we’ve covered industry groups vs. product groups and teams such as M&A , ECM , DCM , and Leveraged Finance , we continue to get questions about capital markets vs. investment banking. The questions usually go like this: Are capital markets teams (ECM, DCM, and LevFin) “real” investment banking? Do you learn anything?

Banking 59

Banking Marketability Start-ups Equity 59

Brian DeChesare

FEBRUARY 9, 2022

Ask the average student or professional in the finance industry about their long-term career goal, and they’ll usually say, “ private equity mega-funds. ”. Similar to middle market private equity , though, there are some definitional problems here. Definitions: What is a Private Equity Mega-Fund?

Equity 52

Equity Banking Start-ups Finance 52

Musings on Markets

JANUARY 28, 2024

In my last data updates for this year, I looked first at how equity markets rebounded in 2023 , driven by a stronger-than-expected economy and inflation coming down, and then at how interest rates mirrored this rebound. Analysts often try to bring company-specific components, i.e,

Risk Premium 93

Risk Premium Beta Start-ups Equity 93

Musings on Markets

JULY 1, 2022

As inflation has taken center stage, markets have gone into retreat globally, and across asset classes. In 2022, as bond rates have risen, stock prices have fallen, and crypto has imploded, even true believers are questioning what the bottom for markets might be, and when we will get there. Risk Capital: What is it?

Marketability 88

Marketability Risk Premium Start-ups Equity 88

Appraisers Blog

JUNE 27, 2023

My appraiser pal in Aurora hired an inspection assistant whom is an appraiser, and is getting good traction after several years of attorney marketing. He’s getting $800+ per, plus various expenses and follow up. We ran up to somewhere west of Loveland a few times last week, caught a fish, took in fresh air, that was nice.

Appraisal 87

Appraisal Start-ups Equity Marketability 87

Musings on Markets

JANUARY 19, 2022

In a post at the start of 2021 , I argued that while stocks entered the year at elevated levels, especially on historic metrics (such as PE ratios), they were priced to deliver reasonable returns, relative to very low risk free rates (with the treasury bond rate at 0.93% at the start of 2021). The year that was.

Risk Premium 80

Risk Premium Risk-free Rate Start-ups Equity 80

Musings on Markets

JANUARY 30, 2023

If 2022 was an unsettling year for equities, as I noted in my second data post, it was an even more tumultuous year for the bond market. The rise in rates transmitted to corporate bond market rates, with a concurrent rise in default spreads exacerbating the damage to investors.

Treasury 74

Treasury Start-ups Risk Premium Equity 74

Musings on Markets

MARCH 19, 2022

As the world's attention is focused on the war in the Ukraine, it is the human toll, in death and injury, that should get our immediate attention, and you may find a focus on economics and markets to be callous. Ukraine, a part of the Soviet Union, has had its shares of ups and downs, and its economic footprint is even smaller.

Start-ups 100

Start-ups Risk Premium Equity Market Capitalization 100

Musings on Markets

MARCH 25, 2021

The first quarter of 2021 has been, for the most part, a good time for equity markets, but there have been surprises. The Interest Rates Story To me the biggest story of markets in 2021 has been the rise of interest rates, especially at the long end of the maturity spectrum. for 2021 and inflation of 2.2%

Equity 52

Equity Risk-free Rate Treasury Start-ups 52

Lighter Capital

JULY 26, 2022

Rather than funding growth at any cost, priorities are now rapidly shifting to achieving profitability, conserving cash, and shoring up balance sheets. Markets go up and down–this too will pass. In this tightening funding market–where the risks of down rounds are higher–you can still raise cash quickly with Lighter Capital.

Marketability 52

Marketability Start-ups Finance Equity 52

Harvard Corporate Governance

APRIL 19, 2022

The private markets and their role in the economy is an important topic and I’m glad to have this gathering of highly respected academics and industry participants thinking about the subject matter. Thank you, Michael [Minnis]. I am humbled to be here today with such an impressive group of participants. more…).

Start-ups 211

Start-ups Finance Marketability Equity 211

Brian DeChesare

JUNE 29, 2022

If you’re thinking about exit opportunities and can’t decide between private equity and hedge funds , activist hedge funds might be your solution. Similar to private equity firms, they operate on longer time frames, influence companies’ operations and finances, and might catalyze major changes, such as spin-offs or acquisitions.

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Private Equity Firm Equity Banking Start-ups 52

Musings on Markets

MAY 6, 2022

The nature of markets is that they are never quite settled, as investors recalibrate expectations constantly and reset prices. In most time periods, those recalibrations and resets tend to be small and in both directions, resulting in the ups and downs that pass for normal volatility.

Risk Premium 92

Risk Premium Treasury Start-ups Equity 92

Musings on Markets

JULY 13, 2022

It has been my practice for the last two decades to take a detailed look at how risk varies across countries, once at the start of the year and once mid-year. Country Risk: Equity Risk For equity investors, the price of risk is captured by the equity risk premium, and equity risk premiums will vary across countries.

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Risk Premium Risk-free Rate Start-ups Equity 81

Value Scope

NOVEMBER 3, 2023

The Value of X X, formerly Twitter, is now valued at $19 billion, according to the company’s employee equity compensation plan. The company’s revenue growth has slowed in recent quarters, and it has struggled to keep up with its competitors. Several factors may have contributed to the valuation drop.

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Business Valuation Start-ups Market Capitalization Marketability 130

Reynolds Holding

SEPTEMBER 20, 2023

CSRD first takes effect for financial years beginning on or after 1 January 2024 for companies (EU and non-EU) with securities listed on an EU “regulated market”. Given the preparation required, private equity firms are well advised to start to consider the impact of CSRD, and we outline in this Update suggested steps for firms to take.

Equity 45

Equity Private Equity Firm Finance Start-ups 45

Brian DeChesare

DECEMBER 20, 2023

If you want to know how to get an investment banking internship, it’s simple: Start very, very early and have a great “Plan B” if something goes wrong. Admittedly, not all banks did this, and many bulge bracket firms will start in the normal time frame of January – March. Internships at regional boutique banks.

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Banking Start-ups Finance Corporate Finance 96

Lighter Capital

JULY 26, 2022

Consider: The Dot.com Crash of 2000–2002 was fueled by the bull market of the late 1990s with an abundance of venture capital and excessive speculation into internet companies, leading to mass layoffs and bankruptcies. With as little as $15,000 in monthly recurring revenue (MRR), you can raise up to $4 million in capital through Lighter.

Marketability 52

Marketability Start-ups Finance Technology 52

A Neumann & Associates

MAY 7, 2024

It is about matching up Buyers and sellers, based upon their core attributes and motivations, which we do every day. Second, we do not want to set an expectation or limit the marketing potential of a business by targeting only one Buyer group. All are very aware of current market conditions, and each has very specific goals.

Start-ups 40

Start-ups Equity Marketability Business Valuation 40

Biz Equity

MAY 4, 2023

Business valuation provides insights into the current market value of the practice and its potential for future growth, which can help you determine the amount of capital you’ll need. It’s important to understand that working with VC or PE firms typically requires the business owner to give up something in return.

Business Valuation 52

Business Valuation Start-ups Equity Banking 52

Peak Business Valuation

FEBRUARY 21, 2024

Experts estimate that over 4 million businesses are started every year in the United States. If you plan to start a business, securing financing may be the difference between success and failure. By securing SBA loans for starting a business, you can establish a stable and successful startup business.

Business Valuation 52

Business Valuation Start-ups Finance Appraisal 52

Lighter Capital

JULY 22, 2023

The SaaS market is exploding — the market’s estimated worth is approximately , $197 billion in 2023 and expected to reach $232 billion next year. SaaS companies often start generating revenue much earlier compared to startups in other tech categories. For founders, SaaS means opportunity. For investors, SaaS means security.

Finance 98

Finance Equity Equity Financing Banking 98

Scott Mashuda

OCTOBER 17, 2023

Despite headlines suggesting a slowdown, better metrics are needed to paint an accurate picture of what is actually happening in the lower middle market (LMM). In Q2 of 2022, interest rates started to creep up as the Fed hoped to cool down what was a white-hot inflationary market. What Should We Expect From Valuations?

Start-ups 98

Start-ups Marketability Finance Equity 98

IBG Business

APRIL 25, 2024

After a disappointing 2023 in middle-market M&A, both the U.S. economy and the market for closely held companies are off to good starts in 2024. The market seems to have a newfound interest in getting deals done,” observes IBG Business co-founder John Johnson (Oklahoma). The post TIME TO SELL?

Start-ups 52

Start-ups Banking Marketability Equity 52

IVSC

MARCH 28, 2024

With a strong focus on start-ups, technology, and private equity, Peter is a frequent presenter and writer on valuation and accounting topics. Adequate records to explain the basis of the market value. Valuation conclusion that requires the specific market value be ascertained. The definition of value.

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Intangible Assets Start-ups Business Valuation Marketability 130

Equidam

FEBRUARY 19, 2023

An era of excessively high startup valuations cannot last, and at some point the early stage fundraising market collapses under its own weight. At this stage the process really only produces an opinion on worth, and the validity of that opinion – the test it must pass – ultimately comes down to what the market is willing to pay.

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Start-ups Equity Venture Capital Fund Intangible Assets 98

Musings on Markets

JANUARY 24, 2024

In my last post, I looked at equities in 2023, and argued that while they did well during 2023, the bounce back were uneven, with a few big winning companies and sectors, and a significant number of companies not partaking in the recovery. The Fed Effect: Where's the beef?

Treasury 52

Treasury Risk Premium Start-ups Risk-free Rate 52

Appraisers Blog

AUGUST 14, 2023

Same old activity, now rebranded with an illusionary justification of bringing equity in lending under the illusionary premise the appraisers are responsible for equity differences in housing by race. They can start offering higher price offers right now, and volunteer for higher taxes, and higher mortgage payments.

Start-ups 56

Start-ups Equity Appraisal Marketability 56

Musings on Markets

FEBRUARY 11, 2023

In the month since, I have added two more data updates, one on US equities and one on interest rates , but my attention was drawn away by other interesting stories. Thus, I took a detour to value Tesla , around the time of their most recent earnings report on January 26, and added a second post to respond to the pushback that I got.

Risk Premium 76

Risk Premium Start-ups Equity Marketability 76

Lighter Capital

APRIL 4, 2024

This marked a steep ascent from less than $3 billion back in 2012, merely 4% of the funding market. S&P Global Market Intelligence data shows investments into AI businesses (both the total number and value of deals) peaked in 2021 before sharply declining in early 2022, when money became more expensive and investors shifted strategies.

Finance 45

Finance Equity Start-ups Marketability 45

Brian DeChesare

NOVEMBER 22, 2023

But the events of 2023, including the UBS acquisition of Credit Suisse and the rise of firms like Wells Fargo, Jefferies, and RBC, have shaken up the traditional list. As another example, some argue that UBS should not be a bulge bracket bank because it has focused on wealth management and areas outside the capital markets.

Banking 101

Banking Start-ups Finance Equity 101