The Landscape for Private Markets

The Dividend Cafe

The Dividend Cafe - The Bahnsen Group

Dividend Growth Investing, Investing, Estate Planning, Monetary Policy, Wealth Management, Business, Retirement Planning, Macro Economics

4.9 • 572 Ratings

🗓️ 14 April 2022

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this market-shortened week I thought a shorter Dividend Cafe may be appropriate, especially as we prepare for a long weekend and the Easter holiday. More on that below …

And not only do I think I controlled the length of this week’s Dividend Cafe (within reason), I also took advantage of the week to dive into a topic that is almost entirely avoided by the media and investing public. I can’t really explain why we mostly ignore private equity and private credit when we discuss financial markets. I understand public stock markets have a certain sensationalism to them, not to mention clear pricing visibility that facilitates a lot of noise. But the private markets are just as much the real economy as public markets, and if the heart of free enterprise is where there is human action, I assure you private markets are deep into the capture of human activity (for good or for bad).

But it is not enough to “talk” about private equity and private debt as if they are either “good” or “bad” investments. There is a complexity here that requires a bit of unpacking, and the unpacking of complexity is the business of the Dividend Cafe.

Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Transcript

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0:00.0	Welcome to the Dividing Cafe weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life.
0:10.0	Well, hello and welcome to a special Dividendon Cafe. It's a little weird recording on a Thursday, but Friday, April 15th, this week is good, this year is
0:24.7	good Friday. And we're going into the Easter weekend and the markets are closed tomorrow
0:31.9	Friday the 15th and our offices are all closed. And so we're doing the Dividy Cafe today. And I decided to kind of take
0:40.8	advantage of a special week to address a very special topic. You know, I kind of have a pretty
0:49.0	set theme that I like to use the Dividend Cafe for various behavioral principles in investing, a lot of
0:56.6	macroeconomic coverage that centers around monetary policy. The Dividendon Cafe has its sort of favorite
1:05.5	topics to cover. But one thing that I hope the Dividendin Cafe does, and it's certainly my intent, and to the
1:12.3	extent it doesn't do it consistently or perfectly, you know, that's just because we're constantly
1:18.1	striving to improve. But the goal is to take things that I think are generally kind of complicated or have
1:23.7	the potential to be complicated and simplify them and and break it down in a way that for
1:30.0	some people they can sort of extract takeaways and understandings about more complicated
1:38.1	investing ideas through the dividend cafe than they would otherwise.
1:42.9	And the subject of today's dividend cafe is definitely one of
1:46.0	those things. Private market investments. We hear the term private equity a lot. And lately we've heard
1:54.5	more about private debt or private credit. But both the equity and debt side put together, make up what we call
2:04.4	private markets, and it's become a just massive part of capital markets in our country
2:11.0	and globally for that matter. And it's become, therefore, as it's increased in its presence in financial markets,
2:19.5	it's become a much larger option for the investing public.
2:27.2	And not only do I believe private markets represent an entire new avenue for people who are in financial markets,
2:36.8	in commerce, business operators, looking at various liquidity partners and strategic partners,
2:42.9	but then even those on the outside not connected to a given business, now have a greater
	...

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