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Private equity presentations: Are some tall tales?

from CFA Institute Enterprising Investor

Tall tales. They are part of the folklore of all cultures. Think of Paul Bunyan; the “big one that got away;” and even a few stories from Garrison Keillor’s Lake Wobegon, “where all the women are strong, all the men are good-looking, and all the children are above average.” I was reminded of tall tales recently when a few of my colleagues and I were talking at an investment conference about how even sophisticated investors have been sold tall tales. Specifically, we discussed how private equity internal rate of return (IRR) and volatility calculations can sometimes be misleading. more

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