@HackswithHaggs Understand why they didn’t with both being unproven at the time. But still what if I come back to like the 2015 draft
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Patrick Maloney
290 posts
@HackswithHaggs Always wondered how things would’ve played out if the B’s rolled with him and sway. Then used that extra cap space from ull deal in the rest of the roster
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Really enjoy watching Dan Vladar play in net. He is super aggressive with the passes he's trying to execute from the crease area
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@ProfPaulNary @YourBoyFlab I’m a wholesale food supplier. Familiar with both. Similar offerings. However, RD passes along the saving of not managing the overhead/logistical costs associated with delivery. Broad line distributors also can extract a convenience premium with delivery
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@YourBoyFlab @PMAL7286 Interesting! So as the restaurant owner, you'd shop both? What's the approximate overlap between what you can source from either Sysco or RD?
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It’s Merger Monday and this is a big ($29B) deal!
On the one hand, for Sysco, the basic strategic logic of related/adjacent diversification and expanding into serving smaller establishments makes general sense.
On the other hand, there are still questions here. These are different businesses, different business/distribution models, different customers, etc. Sysco has zero experience in this segment, and this is a large, complex transaction. Will Sysco prove a competent owner for this business? What are the targeted synergies and what’s necessary to achieve them? What are the potential incompatibilities here? What is the integration strategy? Does valuation make sense at 14x OI make sense?
Interestingly, research shows that when family-owned businesses are acquired, the targets tend to get more favorable terms/pricing.
Lauren Thomas@laurenthomas
SCOOP: Sysco, the biggest U.S. food distributor, is buying family-owned Restaurant Depot for roughly $29 billion. $SYY wsj.com/business/deals…
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@BoringBiz_ Thanks for the reply. Know capex is a real expense but what are doing with their excess FCF? Synergy initiatives?
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@BoringBiz_ You're assuming no loan amortization over those five years?
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Private equity is holding on to companies longer than ever before in their portfolio
Not because they want to, but because they are forced to
What do I mean by this?
> private equity has typically been a business where you hold companies for a limited period of time, allowed by your fund life
> historically, 5 years has been a good benchmark for the holding period. You buy a company with debt, improve operations, then use cash flow to pay down debt. Exit around year 5 through sale to strategic or another PE firm
> the problem is that this model only works if you are adding the right amount of leverage. If multiples re-rate from when you bought vs when you are trying to sell, the leverage looks way too heavy for a new buyer to step in
> for example, if you bought a $20M EBITDA business at 10x in 2021, you paid $200M for the company. Solve for a 60% LTV (debt to TEV), and you think that $120M is a reasonable amount of debt on the business.
> but now, play this forward a few years from 2021. That same business in 2026 now has a different multiple. Macro and rate environment, combined with uncertainty from AI, has made investors rethink what the terminal value of the business is. Now that same business is worth 7x. Even with a little EBITDA improvement from $20M to $25M, the business is now worth $175M (25 x 7). That same $120M of debt sitting on the balance sheet is now almost 70% LTV ($120/175)
> this is the fundamental problem. New buyers don’t want to step into a company with this much debt. For existing buyers, they don’t want to sell at a valuation below their existing mark and realize that loss for the LPs
> this is why despite IPOs coming back and M&A booming during 2025, private equity still had a lackluster year of exits. They are holding on to companies longer than ever before
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@_TyAnderson Also getting in and contending are two totally different things. I personally don’t care if the Jacob’s get two games of playoff gate.
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I personally don't agree with this mentality because it makes it sound like their playoff fate is dependent on Hagens when there's a clear landing spot on the 3L and PP2. That's a secondary role. If they don't make playoffs, it's not going to be because of those things.
Mark Ierardi@kram93291
@_TyAnderson The varsity is fighting for a playoff spot. This isn't the time for on the job training at the NHL level for Hagens.
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@morganhousel @mxm1608 To further your point: people only use this valuation in gold terms when the commodity is ripping. Never heard from when it stagnant.
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@mxm1608 all i'm showing is that if you divide an asset by another arbitrary asset that's gone up more then the first asset doesn't look as good. it's all the first post does.
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But then Nvidia call opts : Gold is not same as USD : gold.
What kind of analogy is this?
Morgan Housel@morganhousel
@philippilk if you measure gold in Nvidia call options it has collapsed
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@BruinsNetwork Crazier he had more market value than Beecher
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Can’t believe that Jeff Viel is not only returning an asset, but the better of two fourth-round selections from an NHL team in 2026. Excellent value here from Sweeney to move out a replacement-level player on the ninth floor most nights in Boston. #NHLBruins
x - Boston Bruins@NHLBruins
The #NHLBruins have acquired a 2026 fourth-round draft pick from the Anaheim Ducks in exchange for forward Jeffrey Viel. 📰: bit.ly/3LjtWIl
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Choose your fighter……
ian bremmer@ianbremmer
former pm truss bringing unparalleled expertise in short term g7 political leadership
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@_TyAnderson Wonder if they’re worried about losing dipietro on waivers
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Sturm would not say who was getting the net vs. SEA. If it's not Korpisalo vs. SEA, that'll mean it'll be at least 12 days between starts for him. Between that and "best chance" comments earlier re: playing Swayman so much, feels obvious they don't trust JK, so why not?
Bruins Network@BruinsNetwork
Michael DiPietro goes side-to-side and makes the save against Springfield on a 2-on-1 short-handed bid. The 26-year-old goaltender is having a career-best year in the AHL with a 1.86 GAA and .935 SV% through 17GP. It’s time to give DiPietro a look in Boston. #NHLBruins
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@ProfPaulNary Genuinely curious, how you view the capex outlays in AI infrastructure vs. the holistic portfolio of options and bets?
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Strategy is hard when you have to make big long-term resource allocation decisions under uncertainty.
As I teach in my MBA class, the answer is to build a more holistic portfolio of options and bets. I actually use a GM EV investment case in class.
Where both $F and $GM failed is in their decision to invest too much too soon in resources with high specificity yet uncertain future value.
In short, this was avoidable, at least in terms of being able to contain potential losses, limiting them to a much lower number.
Brian Sullivan@SullyCNBC
The Ford $F news is huge. One of the biggest corporate write offs in years. Detroit got pushed - hard - in one direction while customers went in another direction Toyota nailed it with the hybrid strategy and Tesla already owns much of the EV market because they were first and also understand the weight/range issue better. I’ve owned an EV and would buy another .. but only as local driver. Americans drive more and differently than most of the world.
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@Clearingfog_ @SMB_Attorney I'd assuming the RE was in a separate entity and the business was paying a "market" rent to utilize. Sale-lease-back likely marginally hurts EBITDA
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Not too long ago, one of our private equity clients bought an automotive care center as a tuck-in deal doing $500K EBITDA for $600K.
Total purchase price was about $2.4M, and roughly $1M of that was the real estate.
At closing, they turned around and sold the real estate to a REIT for $1.8M, creating an $800K gain.
Net result: they effectively paid $600K for a business doing around $500K in EBITDA.
Because of the roll-up and multiple expansion, that $500K of SDE was worth about 8x inside the platform.
So they bought a $500K SDE business for $600K, and it slotted into a platform where it was worth roughly $4M on their model.
This is the power of a sale-leaseback.
Two big caveats: you’ll likely owe capital gains on the excess, and you need to be sure the business can actually afford the new lease payments.
Plenty of big names have gotten this wrong, including the PE fund that acquired Red Lobster.
SMB Attorney@SMB_Attorney
The best kept secret in M&A: The sale-leaseback
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@PeterTenkrat Thought being an understudy of Perry would have ignited something in him on how he could play that we never saw with the bruins. Obv with Perry gone likely won’t materialize
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See fellow plugs don’t mind going no matter how many goals you got.
Fred can hang in there but just not that great of a fighter.
He’s gotta find a different way to affect the game, physical forechecker, defensive detailed etc. He didn’t get 8 years to fight.
B/R Open Ice@BR_OpenIce
Trent Frederic fights Mathieu Olivier after being called out for not being physical enough 👀
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@BigJohn043 To your point John, what incentive does the investor have to invest in future funds if expected future returns are mediocre? Outside of institutions saying they need to allocate a % for diversification.
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I don't know about Poland, but the idea that "very few" funds will be in the carry is just not true globally.
According to Cambridge, the only vintage since 2000 where the median PE fund didn't hit the 8% hurdle is 2006 and the number was 7.89%. If you want to talk about "very few" the worst upper quartile return was also in 2006 at 13.28%.
You can argue that returns are harder today and that might be true. It is also true that PE funds are a lot better at what they do. But it certainly hasn't gotten so hard that very few funds will be in the carry....
InvestorFromEurope@TheDealMakerGuy
Does the global private equity model need a redesign? Poland might be one of the clearest examples. Here’s the quiet truth in the market: many 🇵🇱 PE managers know from day one that carry is unlikely to materialise. In today’s environment of lower exits and liquidity, very few funds will ever get there. So the real business model becomes the management fee. And once fees drive the economics, incentives shift: • Capital needs to be deployed to raise the next fund • Deals are won by overpaying because growth in assets under management matters more than returns • Real cash returns to investors, known as DPI (Distributed to Paid-In Capital), become a distant problem This system continues because there is always capital. Not only from private investors but from quasi-public institutions like PFR (Polish Development Fund), EBRD (European Bank for Reconstruction and Development) and EIF (European Investment Fund). In some cases, these institutions make up the entire investor base. One labels the other as “private capital participation”, everyone is satisfied and fundraising goes on, but accountability weakens. Polish PE is not broken. There are teams creating strong value. But the structure often rewards raising and deploying capital, not compounding and returning capital. What could be the alternative? ✅ Independent sponsors or deal-by-deal investing No blind pools of capital. First you find the company, negotiate the deal and then bring in investors for that single transaction. No deal means no economics. No automatic fees. ✅ Operational private equity Smaller teams with industry operators, not only finance backgrounds. Fewer deals, deeper involvement. Rewards tied to improving the business and delivering real cash returns, not theoretical internal rates of return. ✅ Real skin in the game Managers, founders and investors invest their own capital. They earn mostly when the company is sold and cash is distributed. ✅ Search funds An entrepreneur raises a small pool of capital to search for one company to acquire and run as CEO. Investors get equity. The operator gets real ownership. Incentives are fully aligned around long-term value creation, not asset accumulation. Poland has the talent, capital and entrepreneurial base. If the next decade of Polish private equity is to outperform the last, the solution is not only more money. It is better alignment between investors, managers and founders. Private equity will survive. The question is how it will evolve. Interested in investments in Poland? My DMs are open. 📩
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@WhatChaosShow Wonder how their betting partners feel about this with their live betting features. Some asymmetrical information here if you're watching on a lag.
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What Chaos! Finds Out:
Are ESPN+ games no longer live???
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@realEstateTrent Tougher to put that much money to work expediently at lower valuations.
Buffett won’t look at lower mm deals for the same reason.
Keep focusing on own business model.
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One of the top 5 real estate execs in the world - manages over $50 Billion:
"Don, you can't make real money doing $6M deals!"
Me, after 4 seconds of silence:
"Yes, but my IRRs are going to be higher than yours."
And...crickets 🤣
Also me, but to myself:
We have different definitions of "real money"
Also me:
Ouch.
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@DJPie @bigtampachris05 Broadcast mentioned hitting from rough reduced spin, add in soft greens were essentially throwing darts. From the fairway it was tougher to reduce spin, US balls zipping further from the hole
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@bigtampachris05 And why do they have a putt on every green...?
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It's because they don't miss putts
D.J. Piehowski@DJPie
Going through yesterday's matches to try to quantify some set up stuff (no rough, soft greens). Taking out the par 3's: - Europe won 26 holes - Of those 26, they won 16 from the rough - On half of those 16, the U.S. was in the fairway and still lost.
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Nice! Wasn’t a huge fan at the time but they’re nice now. Reminds me of goatee Brian Rolston
Gino Hard@GinoHard_
The Minnesota Wild have unveiled their 25th anniversary jerseys and they are CLEAN 😍🔥
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@mark_dow completely ignores makeup of economies. Consumer dominated vs producer dominated
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This is a terrible take. It implies that a different monetary policy would’ve prevented or even significantly mitigated Covid inflation. Look around the world. Maybe boot licking will get you a job in the Trump administration, I don’t know. But it’s terrible analysis and worse, it’s almost certainly in bad faith.
Joseph Wang@josephwang
China doesn't have an independent central bank, yet they suffer from deflation. In the U.S. our 'independent' central bank led to a 25% increase in the price level in just a few years. CB independence can be good, but it is neither necessary nor sufficient for price stability.
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