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And be certain to listen to the end, where Joe shares how, in the early stages of United Capital and during the 2008 economic crisis, a private equity investor failed to fulfill their funding commitment and forced Joe to not only raise capital for his firm, but forced a decision to cut executivecompensation by 70% so he could avoid instituting mass (..)
During a recession, this number obviously goes up (136 and 210 filed for bankruptcy protection in 2008 and 2009, respectively) but drops in times of economic expansion (58 and 64 filed in 2018 and 2019, respectively). One way to look at it is simply the average failure rate of publicly traded companies.
During a recession, this number obviously goes up (136 and 210 filed for bankruptcy protection in 2008 and 2009, respectively) but drops in times of economic expansion (58 and 64 filed in 2018 and 2019, respectively). One way to look at it is simply the average failure rate of publicly traded companies.
So when he bought Goldman Sachs in November of 2008 and Bank of America in November 2008, I thought about a traditional portfolio manager doing the same thing and trying to explain to their clients what they just did. It certainly lagged the stock market and executivecompensation. RITHOLTZ: Right. DAMODARAN: Right.
They see this chart or charts like it and they think about the bailouts in 2008. They think about executivecompensation. But what's not in question is that people are angry. They think about zero interest rates helping those who own assets and real estate. And they think about the Fed.
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