Loading ...In an echo of Leon Black, Frank Maturo, vice chairman of equity capital markets at UBS AG, said, “Private equity is selling everything that’s not bolted down. With the robust valuations in today’s market, they are accelerating monetizations of companies they own.”
But what does the smart money know, anyway… aside, of course, from selling when they can not when they have to.
And now back to CNBC and their paper-money “trader” talking heads saying there is only upside from here to eternity. Let’s see if we have these right: “the money is still on the sidelines”, “there is a wall of worry”, “Greece is a dip-buying opportunity”, actually “everything is a dip-buying opportunity”, “stocks are not a bubble, it is bonds that are a bubble”, “the economic recovery is just around the corner” and “99% percentile valuations are just slightly stretched if you seasonally-adjusted them enough times.”
That about covers it.
http://www.zerohedge.com/news/2015-07-01/smartest-money-liquidating-stocks-record-pace-theyre-selling-everything-that’s-not-b
The “Smartest Money” Is Liquidating Stocks At A Record Pace: “Selling Everything That’s Not Bolted Down”
Submitted by Tyler Durden on 07/01/2015 20:58 -0400
Just over two years ago, at the Milken global conference, the head of Apollo Group Leon Black said that “this is an almost biblical opportunity to reap gains and sell” adding that his firm has been a net seller for the last 15 months, ending with the emphatic punchline that Apollo is “selling everything that is not nailed down.”