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Grant Williams & Pippa Malmgren: The End of Magical Thinking, When Narratives Fail

Supply Shock

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Is There a Trigger for This?

Grant: When money is free and magical thinking is rampant, everybody's looking for a magical creature called a unicorn. He says when it all reverses, what they really want are companies that generate genuine, unimpaired cash flow. Grant: I think there's going to be new private equity firms or new private equity leaders who are going to exemplify exactly what happened with KKR in the early days.

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