There is no time like the end of a year to contemplate the past and the future…
Looking backwards: major stock market indices rose this year to near all-time highs, interest rates declined to historical lows, oil prices dropped, employment improved, and m&a activity boomed. We had a great year here at M&A.
Looking forward, the outlook is bright. We see no serious headwinds. As you will see in our December Newsletter, multiples are strong across nearly every sector, and deal activity is high.
My daughter sees things a bit differently. She graduates university this year and is heading to a world she sees as filled with challenges and opportunities. She doesn’t care about the market or multiples. She cares about people. She sees protests about a lack of respect for the lives of the disadvantaged – and opportunities to change that. She frets about inequality of education and opportunity, about high unemployment, crime, incarceration, and mortality among the less fortunate. And she thinks she can help make it better. She sees kids without positive role models, parents who can’t find a job, dysfunctional governments – and believes that she and her friends can fix it. She motivates me.
So, I have three resolutions for the year to come: first, is to continue my efforts leading one of the most active firms advising buyers and sellers of U.S. and international middle-market firms that provide software, data, and related services. In my opinion, we are better at this than anyone on the planet. But there is always room to improve. Second, is to spend more of my spare time trying to do my part to save the world. Time is scarce, but it’s important. Third, is to cherish my time with my wife, daughter, dad, mom, sisters and brother. I don’t spend enough time with them.
What are your resolutions?
We wish you all Happy Peaceful Holidays and a prosperous and healthy New Year.