In the old days, if you were doing buyouts at eight or ten times and the banks are lending five or six times, you have a fair amount of leverage on the deal. Now the same companies are at 16, 17 times. You can't even call it a leveraged buyout anymore. The returns almost have to come down. So much is now talk about growth. Buyouts used to be the value side of the equation and now it's growth.

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