“The Smart Money Is Selling, Not Buying” Goldman Warns With Valuations In The “99th Percentile”
by Tyler Durden
ZeroHedge.com
02/21/2015
“The median stock sports a P/E and EV/EBITDA of 18.0x and 11.0x, respectively. These valuations rank in the 99th percentile of both P/E and EV/EBITDA multiples since 1976. The proverbial “smart money” is selling, not buying. Completed private equity sales through M&A and via follow-on offerings have both surged to record levels measured by both number of deals and by transaction value. A total of 350 follow-on sales by private equity firms were completed in 2013 and 2014, a 70% jump from the 210 transactions completed in 2011 and 2012.”
The Rest…HERE
