⚠️ The Private Equity Market Has Stalled

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Nothing in life is as important as you think it is when you are thinking about it.”

Daniel Kahneman


Jeremy Grantham’s latest piece digs into the U.S. stock market, bubbles and AI, real assets, and underrecognized long-term problems.

"The most expensive 20% of U.S. stocks are by definition always expensive, but today they are in the worst 10% of their 40-year range (compared to the top 1000 stocks). In great contrast, the cheapest 20% are in the best 7% of their range."

— Jeremy Grantham

Bain describes private equity as a market that’s ‘stalled’ due to a rise in interest rates. The report walks through current investments, returns, exits, fund-raising and more. Some stats:

  • The total value of companies that the industry sold privately or on public markets declined by 44% (lowest in a decade)

  • Deal value fell by 37%

  • Exit value declined by 44%

  • 38% fewer buyout funds closed

  • The value of aging unexited companies hit a record high $3.2 trillion

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Facts & Figures

Stanley Black & Decker has paid a dividend for 147 consecutive years, longer than any other industrial company on the NYSE. Link

An alien CryptoPunk sold for 4,850 ETH (US$16.42 million) in March, the second highest sale price in the history of the preeminent digital art collection. Link

The ratio of commodity prices to the S&P 500 is near all-time lows. Link

Apple has created ~$2.7 trillion in wealth from its IPO in 1981 to the end of 2022, more than any other company. During that same time period, Apple suffered three drawdowns of 70% or more. Link

For natural resource equities, the average dispersion (measured by the average performance in the top 50% versus the bottom 50%) is close to 50%. Link

“The Federal Trade Commission, which polices deceptive business practices in the U.S., says reported impostor scam losses tripled between 2019 and 2023 to $2.7 billion.” Link

“Over the past 30 years, battery costs have fallen by a dramatic 99 percent; meanwhile, the density of top-tier cells has risen fivefold.” Link

WEBINAR REPLAY: Introducing Cambria’s New ETFs

Meb Faber, Cambria's CEO and CIO, hosted a webinar that offered a look into Cambria's newly launched ETFs:

Carefully consider the fund's investment objectives, risk factors, charges, and expense before investing. This and other information can be found by visiting our website at www.cambriafunds.com. Read the perspective carefully before investing or sending money. Investing involves risk, including potential loss of capital.

The Cambria's ETFs are distributed by ALPS Distributors Inc., Member FINRA.


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