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Egon Durban, the co-CEO of all tech-focused private-equity company Silver Lake, has created memorable looks at Fortune’s Brainstorm Tech seminar in Aspen through recent years. I interviewed him Thursday over Zoom to get a Brainstorm Tech virtual crowd. He spoke about playing the game, making sense. He does not have any option but to do this for ailing amusement and live-events investments like AMC movie theaters as well as the Endeavor talent kingdom. In addition, he has the lengthy game in your mind for two enormous traveling branches for that his company got in at Buffett-like markdowns: Airbnb along with Expedia.
Some important takeaways: (Tremendous thanks to Lucinda Shen, who eagerly shared her notes , because I had been busy. Watch Term Sheet’so take about the discussion.)
The 40-several businesses in Silver Lake’s portfolio have debt equal to approximately 2.4 times their earnings before interest, taxation, depreciation, and amortization, a very low amount for private-equity-owned companies. Those companies purchased 70 businesses this past year. Durban professes no exceptional read on if traveling will return past that it is going to return. Ditto amusement. It is very good to become an investor that sits above all of the rest, especially lowly ordinary shareholders. Durban himself is not a large”butt-to-seat individual”–individuals working with me personally know I will relate–he is not too preoccupied on a comeback in commercial property. As with other people I have talked to lately that are blessed with great health and improved jobs, he is busier than ever before. The investor began tweeting soon after Silver Lake spent in Twitter–then ceased a couple of weeks ago. (Tweeting and big-dollar-value investments do not always go together.) A metrics-driven man, Durban finished our conversation with a good one: He’s had supper with his family for 43 successive nights, certainly a record.
Talking of businesses which were hammered by the downturn in amusement, AT&T CEO Randall Stephenson, whose firm owns WarnerMedia, had a terrific line in a sales forecast, as reported in The Wall Street Journal:”We deliver about the cleverest and the very genius economists on the planet, and you’re able to bring a couple of these , along with the variety of potential results only for the next quarter of 2020 is incredibly broad”
This variant of Data Sheet has been curated by Aaron Pressman.