Investors obstinately refuse to return to the IPO market: witness the string of public market disposals out of private-equity portfolios that have been pulled or shrunk in the past few weeks. M&A volumes remain anaemic. Enron-related accounting concerns have hit that business particularly hard. No chief executive wants to look an idiot by buying a company and then finding huge hidden contingent liabilities.
In any case there doesn’t seem to be much urgency to buy right now.Sure,
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