As I've learned more about finance over the last few years, I've started to shift my focus from markets and asset prices to transactions and operations. On this blog, I've written mostly on macro, geopolitical, and policy issues. Going forward, I expect to have little to say on these subjects. For one, I (regrettably) no longer have time to read as I once did (I recently graduated from school and am working full-time in finance). But more importantly, I've become increasingly interested in the details of operations, capital structure, and M&A. Perhaps the greatest reason behind this shift is that I've found I really like the way investors can influence returns by making financial or operating changes, while in macro investments an investor is merely a spectator, (though exciting as that may be in interesting times such as these the lack of control can be frustrating).
So what I've decided to do is use this blog as a forum to discuss recent M&A deals (trends, valuation, etc.), focusing mostly on LBOs and private equity activity. I'll usually build a model to back up my analysis which I will post on Scribd. The first LBO I will discuss is 3G's recent buyout of Burger King.
