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The most creative people in private equity are not operators. They are the people who calculate adjusted EBITDA. Some of them could make a corpse look cash generative by calling the smell “temporary integration friction.” We have somehow built an industry where the most important number in the deal is also the on…

The executive search market has its own little cartel, and at least it has the decency to wear a suit. Five firms dominate senior leadership hiring globally. Spencer Stuart. Heidrick & Struggles. Russell Reynolds. Egon Zehnder. Korn Ferry. SHREK. Together, they cover most of the Fortune 500 and place roughly hal…

AI will disappear. Not the technology. The label. The internet did exactly the same thing. In 1999, companies called themselves internet businesses as though that excused them from needing customers, margins or a vaguely sensible business model. It did not go brilliantly. The Nasdaq fell 78%. Around $5 trillion…

I need your help please!! I’ve written a book. It is called The Trick Is Not Minding That It Hurts, and it is about what nobody tells you about power, money and winning in business. The book explores the gap between the official version of how companies operate and what actually happens inside them. The politics…

The most creative people in private equity are not operators. They are the people who calculate adjusted EBITDA. Some of them could make a corpse look cash generative by calling the smell “temporary integration friction.” We have somehow built an industry where the most important number in the deal is also the on…

The AI discussion in most PE board meetings follows the same script. Someone mentions AI. The CEO says they are "exploring opportunities." A board member asks if they should hire a Chief AI Officer. The operating partner suggests starting with a use case. Everyone agrees that is sensible. Nothing happens for six mo…