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The Impact of Dry Powder on Competition for Deals
The level of dry powders has set a new record essentially each year for the past couple of years. In addition to the total volume of uninvested capital, the latest I've seen is that the stock of dry powder is also getting slightly older which adds just further pressure to the system to invest. My personal view is the era of simply buying and holding your way to a great return is over, at least for now. And I think what that means is growing a bit and really building a great business during your investment period is key to success.