# ![@ProfPaulNary Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::570190623.png) @ProfPaulNary Paul Nary

Paul Nary posts on X about $wbd, private equity, business, $psky the most. They currently have [-----] followers and [---] posts still getting attention that total [---] engagements in the last [--] hours.

### Engagements: [---] [#](/creator/twitter::570190623/interactions)
![Engagements Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::570190623/c:line/m:interactions.svg)

- [--] Week [-------] +213%
- [--] Month [-------] +331%
- [--] Months [-------] +20%
- [--] Year [-------] +409%

### Mentions: [--] [#](/creator/twitter::570190623/posts_active)
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- [--] Week [--] +318%
- [--] Month [--] +130%
- [--] Months [---] +97%
- [--] Year [---] +113%

### Followers: [-----] [#](/creator/twitter::570190623/followers)
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- [--] Week [-----] +2.80%
- [--] Month [-----] +3.90%
- [--] Months [-----] +23%
- [--] Year [-----] +116%

### CreatorRank: [---------] [#](/creator/twitter::570190623/influencer_rank)
![CreatorRank Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::570190623/c:line/m:influencer_rank.svg)

### Social Influence

**Social category influence**
[finance](/list/finance)  33.06% [stocks](/list/stocks)  17.74% [social networks](/list/social-networks)  1.61% [technology brands](/list/technology-brands)  1.61% [celebrities](/list/celebrities)  0.81% [automotive brands](/list/automotive-brands)  0.81% [luxury brands](/list/luxury-brands)  0.81% [fashion brands](/list/fashion-brands)  0.81% [travel destinations](/list/travel-destinations)  0.81%

**Social topic influence**
[$wbd](/topic/$wbd) #8, [private equity](/topic/private-equity) 10.48%, [business](/topic/business) 8.87%, [$psky](/topic/$psky) #13, [investment](/topic/investment) 5.65%, [strong](/topic/strong) 4.84%, [acquisition](/topic/acquisition) #1189, [warner bros](/topic/warner-bros) #488, [we are](/topic/we-are) 3.23%, [ceo](/topic/ceo) 3.23%

**Top accounts mentioned or mentioned by**
[@12co08](/creator/undefined) [@wharton](/creator/undefined) [@asifsuria](/creator/undefined) [@peoperator](/creator/undefined) [@paulswaney3](/creator/undefined) [@aomconnect](/creator/undefined) [@vikasaggarwal](/creator/undefined) [@wsj](/creator/undefined) [@mattjmcclintock](/creator/undefined) [@davidbrail](/creator/undefined) [@boringbiz](/creator/undefined) [@florianederer](/creator/undefined) [@aomstr](/creator/undefined) [@strategicmgmt](/creator/undefined) [@miamkitty](/creator/undefined) [@rogoswami](/creator/undefined) [@annaknicolaou](/creator/undefined) [@jfkamerica](/creator/undefined) [@debtserious](/creator/undefined) [@jeffgramm](/creator/undefined)

**Top assets mentioned**
[Warner Bros Discovery, Inc. (WBD)](/topic/$wbd) [Paramount Skydance Corporation Class B Common Stock (PSKY)](/topic/$psky) [Netflix Inc (NFLX)](/topic/$nflx) [DisChain (DIS)](/topic/$dis) [Howard Hughes Holdings Inc. (HHH)](/topic/$hhh) [Home Depot, Inc. (HD)](/topic/$hd) [Twitter Inc (TWTR)](/topic/$twtr) [Treehouse Foods, Inc. (THS)](/topic/$ths) [Walmart, Inc. (WMT)](/topic/$wmt) [Target Corporation (TGT)](/topic/$tgt) [Metadium (META)](/topic/$meta)
### Top Social Posts
Top posts by engagements in the last [--] hours

"The ability to precisely align attractive managerial incentives with ROI is one of the more effective PE tools This is much tougher to do in a large corporation especially a large public diversified firm. But some do manage to implement a version of this - e.g. Danaher/etc. Hard to believe but this was normal in the 1980s. https://t.co/QKWmZFVP4b Hard to believe but this was normal in the 1980s. https://t.co/QKWmZFVP4b"  
[X Link](https://x.com/ProfPaulNary/status/2014686435803123732)  2026-01-23T13:07Z [----] followers, [----] engagements


"Cleaned up notes"  
[X Link](https://x.com/ProfPaulNary/status/2021300099033276650)  2026-02-10T19:07Z [----] followers, [---] engagements


"@rogoswami I agree this may actually be quite a nuanced strategy for $PSKY and a more substantial step towards giving $WBD no choice but to to engage given it addressed pretty much most of the board's originally cited concerns other than the headline price. https://x.com/ProfPaulNary/status/2021300099033276650s=20 Cleaned up notes https://t.co/smTb8Nwpsk https://x.com/ProfPaulNary/status/2021300099033276650s=20 Cleaned up notes https://t.co/smTb8Nwpsk"  
[X Link](https://x.com/ProfPaulNary/status/2021301747411571012)  2026-02-10T19:14Z [----] followers, [---] engagements


"At first I was skeptical about Mr. Effron's comment a week ago (below) but with the updated offer today I see a higher-probability path to $PSKY potentially winning Of course it still depends on the response from $WBD and $NFLX and how $PSKY reacts https://x.com/laurenthomas/status/2018819864689791199s=20 Blair Effron of Centerview Partners told me Paramount Skydance is absolutely going to prevail in its pursuit of Warner Bros. Read about that + more highlights from todays @WSJ Invest Live event down in Palm Beach. 🔥🔥 https://t.co/Jdd26sU4op"  
[X Link](https://x.com/ProfPaulNary/status/2021306420424015924)  2026-02-10T19:32Z [----] followers, [---] engagements


"First I don't think that it's a given that DG shares will be worth $2.25 and the underlying complexity and uncertainty of having a cash component and the spinoff do not help. And this is before we even consider the A/T issues/etc. Second we are in agreement that $WBD wants a higher number from $PSKY and it still may get it. This new offer serves to properly position all of the other pieces of the deal in place before the best and final number is on the table. https://twitter.com/i/web/status/2021360513842626824 https://twitter.com/i/web/status/2021360513842626824"  
[X Link](https://x.com/ProfPaulNary/status/2021360513842626824)  2026-02-10T23:07Z [----] followers, [--] engagements


"@12Co08 $11 to unimaginable levels WBD began trading at around $24 when it was spun off from AT&T in combination with Discovery in April of [----]. Zaslav had done nothing for $WBD shareholders but lose their money before the sale opportunity. https://www.reuters.com/business/warner-bros-discovery-shares-climb-first-trading-day-2022-04-11/ https://www.reuters.com/business/warner-bros-discovery-shares-climb-first-trading-day-2022-04-11/"  
[X Link](https://x.com/ProfPaulNary/status/2021365089983676695)  2026-02-10T23:26Z [----] followers, [--] engagements


"It's a good and valid question. The deal structure with the outside partners looks stronger and Paramount wouldn't pull this off alone. And whether it's ultimately the right move for Paramount is a whole different question and I have some strong opinions there. But for now the big question is what's best for $WBD shareholders (which includes things like closing risk of course)"  
[X Link](https://x.com/ProfPaulNary/status/2021366428985676175)  2026-02-10T23:31Z [----] followers, [--] engagements


"I'm often confused but this is not one of those times. You're missing the fact that $WBD underperformed under Zaslav's leadership. Are you praising the CEO who steered the company from $24/share to your $11/share and was only able to get the price to recover by selling the firm All the best. https://twitter.com/i/web/status/2021367868609183925 https://twitter.com/i/web/status/2021367868609183925"  
[X Link](https://x.com/ProfPaulNary/status/2021367868609183925)  2026-02-10T23:37Z [----] followers, [--] engagements


"Looks like Paramount is getting more support in its battle for Warner as activist Ancora joins the fray. And given the more serious nature of the updated offer and the investor sentiment so far this wont be the only vocal supporter of $PSKY in the coming weeks"  
[X Link](https://x.com/ProfPaulNary/status/2021393449573052754)  2026-02-11T01:18Z [----] followers, [----] engagements


"@MattJMcClintock Interestingly for a variety of reasons Lego had benefitted from bringing its manufacturing in-house after outsourcing. Apple also made some vertical moves that paid off - stores semis etc"  
[X Link](https://x.com/ProfPaulNary/status/2021575101183853023)  2026-02-11T13:20Z [----] followers, [---] engagements


"@PEoperator @paulswaney3"  
[X Link](https://x.com/ProfPaulNary/status/2021576742784090327)  2026-02-11T13:27Z [----] followers, [--] engagements


"@AsifSuria @DavidBrail Yes being explicit is important in terms of addressing that $4.7B gap that WBD called out in its earlier rejection. As far as what it takes to win here are some patterns from my own data:"  
[X Link](https://x.com/ProfPaulNary/status/2021710844590195184)  2026-02-11T22:20Z [----] followers, [--] engagements


"Yes agreed. 1) So far the reaction is subdued which is not surprising since the headline price is unchanged and most focus on that 2) There is a difference between public and private support from the shareholders but at least publically we don't seem to have a great idea yet. We do know they are trying to get more shareholders to publically come out supporting Paramount. 3) The key test is whether WBD wants to play along and talk to Paramount or if it outright rejects it again and then the shareholder reaction to that. 4) Paramount has made it very clear that they're making concessions to"  
[X Link](https://x.com/ProfPaulNary/status/2022323864747790457)  2026-02-13T14:55Z [----] followers, [--] engagements


"Discussing the nuances of corporate venture capital in my MBA class this morning. Is there anything interesting happening in that world aside from the recent AI investment rush"  
[X Link](https://x.com/ProfPaulNary/status/2019021130321866832)  2026-02-04T12:12Z [----] followers, [---] engagements


"As someone who follows large public M&A deals and studies M&A failures and potential risk factors I'd just like to note that while there is certainly value creation potential for $NFLX with $WBD the risks of fumbling such a large complex transaction and integration due to many distinct factors are rather significant here. This is even more relevant given that a) $NFLX has little to no experience with large transactions or with running many of $WBD businesses and b) that media and entertainment M&A are a graveyard of well-intentioned deals as I've posted before. Obviously NOT investment advice"  
[X Link](https://x.com/ProfPaulNary/status/2019428299005448462)  2026-02-05T15:10Z [----] followers, [----] engagements


"Talking about vertical integration and vertical M&A in my Wharton MBA M&A/CorpDev class this morning. You'll often hear management justify vertical deals with reasons like margin expansion and access. Most of the time this is wishful thinking and vertical integration is unnecessary. Moreover the indirect costs of vertical integration are often high and coordination and performance require experience and capabilities that many of the vertical dreamers do not have. Since media and entertainment are in the news with the battle for WBD worth noting that most vertical deals in that space usually"  
[X Link](https://x.com/ProfPaulNary/status/2021566021505519908)  2026-02-11T12:44Z [----] followers, 12.7K engagements


"@DavidBrail @AsifSuria Thus $WBD now really has two choices: 1) Admit Paramount improved its offer and responded to their earlier concerns and be open to discuss even if the price isnt there yet 2) Dismiss the new offer and move the goalposts again citing some new/other reasons (less credible)"  
[X Link](https://x.com/ProfPaulNary/status/2021935065371226543)  2026-02-12T13:10Z [----] followers, [--] engagements


"This makes complete sense since: A) Pentwater focuses on opportunistic merger arb/special sits investments and it has well over a half a billion dollar exposure to $WBD deal B) Pentwater's Halbower is on the record as a vocal supporter of $PSKY bid and a higher cash price Paramount is in discussions to nominate Pentwater Capital Management a top Warner Bros Discovery shareholder that has voiced support for its rival bid to the studio and streaming giants board as it seeks to derail Netflixs takeover. Scoop with @annaknicolaou & @JFK_America https://t.co/t6pIYW91zs Paramount is in discussions"  
[X Link](https://x.com/ProfPaulNary/status/2022020206147887319)  2026-02-12T18:49Z [----] followers, [----] engagements


"Paramount/Ellisons leaving no stone unturned in locating any source of added leverage for their renewed push to win $WBD As I wrote Tuesday the new offer made it clear that they regrouped and were approaching this thoughtfully Yet the markets fixated on the headline price. Scoop: CNN has learned that Paramount CEO David Ellison returned to the White House last week to meet privately with President Trump amid Paramounts ongoing hostile takeover bid for Warner Bros. Discovery. https://t.co/WXkPOdtaK6 https://t.co/EARdCS51FZ Scoop: CNN has learned that Paramount CEO David Ellison returned to the"  
[X Link](https://x.com/ProfPaulNary/status/2022085854441976028)  2026-02-12T23:10Z [----] followers, [----] engagements


"@debt_serious @BoringBiz_ I understand the need for variety and I like case studies. But whether there is a specifically valuable perspective beyond that"  
[X Link](https://x.com/ProfPaulNary/status/2022341603852169436)  2026-02-13T16:06Z [----] followers, [--] engagements


"In the middle of reading "Dear Chairman" by @jeff_gramm (great concise history of US activist investing) and couldn't be more appropriate timing for this @elonmusk / $TWTR show"  
[X Link](https://x.com/anyuser/status/1514940495411269632)  2022-04-15T12:15Z [----] followers, [--] engagements


"@robseamans @petergklein @jpeggers @k_mcelheran @Cmgartenberg @florianederer @luismbcabral @orgRem Thats ahem a great question But clearly there is a long-term business and capability development strategy at play here that may be tough to frame in terms of precise shorter-term synergies"  
[X Link](https://x.com/anyuser/status/1550157773207379970)  2022-07-21T16:36Z [----] followers, [--] engagements


"Here we go Seattle #AoM2022"  
[X Link](https://x.com/anyuser/status/1554940576969003008)  2022-08-03T21:21Z [----] followers, [--] engagements


"Some very nice hiking around Seattle"  
[X Link](https://x.com/anyuser/status/1556082961396641792)  2022-08-07T01:01Z [----] followers, [--] engagements


"Our inaugural PDW on Private Equity and Alt. Governance at @AOMConnect @AOM_STR #AOM2023 was a success Standing room only amazing presentations by the panelists and many great research ideas from participants Thank you everyone and especially @vikasaggarwal for co-organizing"  
[X Link](https://x.com/anyuser/status/1688157390149996545)  2023-08-06T11:57Z [----] followers, [----] engagements


"Confused about what's happening in Disney's ongoing proxy battle which features multiple activists aligning both against and with management different groups of board nominees and endorsements and opinions from just about everyone in Hollywood and on Wall Street More importantly does anyone involved offer a strategy that may work for $DIS I tried to summarize it all for a discussion in my MBA class. This is first version with emphasis on "tried". Feedback and suggestions/questions welcome"  
[X Link](https://x.com/anyuser/status/1772209706884358380)  2024-03-25T10:31Z [----] followers, [---] engagements


"I have been organizing a list of common corporate strategy myths and misconceptions from discussions in my MBA class Curious to hear others' thoughts on what is missing unclear or interesting Part 1: M&A Deal and Process Myths & Misconceptions 1) Most M&A fails 2) Mergers of Equals exist 3) Horizontal acquisitions and rollups are easier than other types of M&A 4) The complexity of M&A valuation/modeling is correlated with better deal outcomes 5) Broad auctions always lead to a higher price 6) Integration planning can wait until after the deal is closed* 7) Acquisitions are preferable to"  
[X Link](https://x.com/ProfPaulNary/status/1900128704035992023)  2025-03-13T10:16Z [----] followers, 13.5K engagements


"And here we are still waiting for that improved $PSKY offer for $WBD While were at it lets just be honest: $PSKY has maybe a 5-10% chance of winning if they stick with the current strategy/bid. Advisors like Blair Effron have to talk the talk but. Blair Effron of Centerview Partners told me Paramount Skydance is absolutely going to prevail in its pursuit of Warner Bros. Read about that + more highlights from todays @WSJ Invest Live event down in Palm Beach. 🔥🔥 https://t.co/Jdd26sU4op Blair Effron of Centerview Partners told me Paramount Skydance is absolutely going to prevail in its pursuit"  
[X Link](https://x.com/ProfPaulNary/status/2018832516933632275)  2026-02-03T23:42Z [----] followers, [----] engagements


"I'd love to see a detailed breakdown of 3G Capital's investment/returns from Kraft+Heinz Makes sense that the Heinz investment made $ given their early successes there but Kraft Heinz with its tens of billions of dollars in shareholder value losses is a whole another story. @philippenyssen @patrick_oshag https://t.co/BxteMEbqPR @philippenyssen @patrick_oshag https://t.co/BxteMEbqPR"  
[X Link](https://x.com/ProfPaulNary/status/2019417651026751541)  2026-02-05T14:27Z [----] followers, [---] engagements


"For me the 3G Capital debacle and their role in Kraft Heinz transaction is yet another illustration that there isn't always a good fit between the business and the owner even when that owner is otherwise very competent with some other businesses and value creation strategies"  
[X Link](https://x.com/ProfPaulNary/status/2019417652813599176)  2026-02-05T14:27Z [----] followers, [---] engagements


"Talking about serial M&A horizontal acquisitions and rollups in my MBA M&A class this morning. For rollups and similar aggressive inorganic strategies using some of the thoughts shared here earlier: Rollups are not easy There is a reason why there have been multiple rollup failures over the last few decades A few thoughts on the success and failure of rollup strategies: 1) Value creation/capture strategy: Strategy should drive everything. How are you intending to create Rollups are not easy There is a reason why there have been multiple rollup failures over the last few decades A few thoughts"  
[X Link](https://x.com/ProfPaulNary/status/2020846593952317696)  2026-02-09T13:05Z [----] followers, [----] engagements


"Also using TreeHouse Foods as an example when these strategies fail: https://x.com/ProfPaulNary/status/1897309885274185739s=20 1/ Aggressive M&A can propel growth or kill it Consider TreeHouse Foods: $THS grew aggressively in the last [--] years esp. 2006-2016 mostly via M&A 15-20 deals worth $5B Now its EV is below $3B and the last decade has been a struggle I think bad M&A is a major factor👇 https://t.co/NPcIRwT0Ay https://x.com/ProfPaulNary/status/1897309885274185739s=20 1/ Aggressive M&A can propel growth or kill it Consider TreeHouse Foods: $THS grew aggressively in the last [--] years esp."  
[X Link](https://x.com/ProfPaulNary/status/2020846595554545945)  2026-02-09T13:05Z [----] followers, [---] engagements


"RT @ProfPaulNary: Talking about serial M&A horizontal acquisitions and rollups in my MBA M&A class this morning. For rollups and similar"  
[X Link](https://x.com/ProfPaulNary/status/2020905573617672698)  2026-02-09T17:00Z [----] followers, [--] engagements


"Paramount has a new offer for WBD Is it a superior proposal Well maybe. Paramount has been quiet lately and as I suspected an improved offer was in the works Some $WBD investors may be disappointed that the new offer is still $30 cash with a small addition of a ticking fee if the deal doesn't close in [----] but that may be a strategic decision on part of $PSKY And sure at first it may seem like only an incremental improvement and yes $WBD shareholders would have liked more cash. Yet there are multiple significant improvements here that address many of the key WBD board concerns and make this"  
[X Link](https://x.com/ProfPaulNary/status/2021269165319803109)  2026-02-10T17:04Z [----] followers, [----] engagements


"So yes when it comes to which bid makes more sense for $WBD shareholders I think I'm team $PSKY now. More details on $PSKY new offer are in the SEC filings: https://www.sec.gov/Archives/edgar/data/1437107/000110465926012403/tm2533570d50_ex99-1.htm https://www.sec.gov/Archives/edgar/data/1437107/000110465926012397/tm2533570d52_sctota.htm https://www.sec.gov/Archives/edgar/data/1437107/000110465926012403/tm2533570d50_ex99-1.htm https://www.sec.gov/Archives/edgar/data/1437107/000110465926012397/tm2533570d52_sctota.htm"  
[X Link](https://x.com/ProfPaulNary/status/2021269167140196385)  2026-02-10T17:04Z [----] followers, [---] engagements


"Huh. The person tasked with leading the review of WBDs deal with Netflix (and Paramounts hostile) has just resigned. The person tasked with leading the review of WBDs deal with Netflix (and Paramounts hostile) has just resigned"  
[X Link](https://x.com/ProfPaulNary/status/2021987329532146057)  2026-02-12T16:38Z [----] followers, [---] engagements


"Its ironic that one of the landmark (and very relevant) Revlon duties cases for $WBD involved Paramount() as the target refusing to engage with a bidder (QVC) challenging its signed [----] deal with Viacom Viacom won at the end but not before sweetening the deal significantly"  
[X Link](https://x.com/ProfPaulNary/status/2022291193640460347)  2026-02-13T12:46Z [----] followers, [---] engagements


"@BoringBiz_ The Outsiders is severely overrated"  
[X Link](https://x.com/ProfPaulNary/status/2022291558460969033)  2026-02-13T12:47Z [----] followers, [----] engagements


"Add this one to the list of everything Paramount is doing to increase their chances of making WBD happen. Paramount Skydance Hires Former Trump White House Lawyer as Head of Global Public Policy https://t.co/JZx8PBwCyr Paramount Skydance Hires Former Trump White House Lawyer as Head of Global Public Policy https://t.co/JZx8PBwCyr"  
[X Link](https://x.com/ProfPaulNary/status/2022447574100144387)  2026-02-13T23:07Z [----] followers, [---] engagements


"Discussing horizontal acquisitions in my @Wharton MBA class today and pumped because of two huge potential horizontal deals in the works this week with Public Storage/Life Storage ($11B) and Newmont Mining/Newcrest Mining ($17B). This is what gets me super excited at 5am 😅"  
[X Link](https://x.com/anyuser/status/1623289894167617539)  2023-02-08T11:57Z [----] followers, [---] engagements


"So we all agree that AI insights from @emollick over these last few months have been absolutely invaluable right"  
[X Link](https://x.com/ProfPaulNary/status/1626221776081674244)  2023-02-16T14:07Z [----] followers, [----] engagements


"Looks like my attempt to write a @Strategic_Mgmt conference proposal in just a couple of days will be a fail and thats ok. Need more analysis/data (its a phenomenon-based empirical paper). But project still very much still in play. 🤷♂"  
[X Link](https://x.com/ProfPaulNary/status/1627652705366822920)  2023-02-20T12:53Z [----] followers, [----] engagements


"I generally think that I know most of the relevant literature in my area pretty well but digging back in this semester and really trying to structure and understand research evidence for each of the class sessions/topics I teach has been very rewarding. Highly recommend"  
[X Link](https://x.com/ProfPaulNary/status/1633065521179402240)  2023-03-07T11:22Z [----] followers, [---] engagements


"Looking forward to joining this @AOM_STR session virtual symposium on corporate strategy tomorrow Join us for a 90-minute virtual symposium on the latest research in corporate strategy hosted by @AOM_STR on Thursday March 16th at [--] am ET. Don't miss out on this opportunity to stay at the forefront of developments in the field. Register now at: https://t.co/QbZcqNeZNb https://t.co/yDpIePUQQj Join us for a 90-minute virtual symposium on the latest research in corporate strategy hosted by @AOM_STR on Thursday March 16th at [--] am ET. Don't miss out on this opportunity to stay at the forefront of"  
[X Link](https://x.com/ProfPaulNary/status/1636053348012158976)  2023-03-15T17:14Z [----] followers, [----] engagements


"This was a great event for our corporate strategy community and those interested in this area. Im biased but I think we could use more of these. Corporate strategy is more important than ever related phenomena merging/evolving ever faster and old research could use revisiting 👍 We had an excellent STR virtual symposium on corporate strategy on March 16th. Thank you for all the participants & our distinguished speakers. Unable to attend No worries. Keep an eye out for the #STR YouTube link to this recorded symposium @ProfPaulNary @CarolynJFu https://t.co/rIq33IQoaX 👍 We had an excellent STR"  
[X Link](https://x.com/ProfPaulNary/status/1638150497595949061)  2023-03-21T12:08Z [----] followers, [----] engagements


"Excited to teach strategic aspects of m&a valuation in my @wharton MBA class this morning. Valuation is a space where much of strategy/m&a research intersects and Id argue that valuation is highly ambiguous and subjective despite what plethora of quant. frameworks would suggest"  
[X Link](https://x.com/ProfPaulNary/status/1640330895218311168)  2023-03-27T12:32Z [----] followers, [---] engagements


"Bad strategy bad acquisition predictable outcome Kind of. Ive been teaching $WMT case of transitioning to omnichannel/e-commerce and to me going after digitally native brands was weakest part of this strategy. Yet materially these small deals could be treated as experimental Walmart selling Bonobos to $EXPR and brand mortuary WHP Global for $75million. $WMT paid $310 million in [----] Someday people will buy low-priced private label apparel again. When they do they'll do it at $TGT https://t.co/FQ06zt9GlK Walmart selling Bonobos to $EXPR and brand mortuary WHP Global for $75million. $WMT paid"  
[X Link](https://x.com/ProfPaulNary/status/1646862953570770944)  2023-04-14T13:08Z [----] followers, [----] engagements


"For those attending @AOMConnect in Boston in August: @vikasaggarwal and I are organizing a PDW on research opportunities (there are many) in private equity and other forms of alternative governance/ownership. Please join us and share with colleagues who may be interested"  
[X Link](https://x.com/ProfPaulNary/status/1668297793373601792)  2023-06-12T16:42Z [----] followers, [----] engagements


"Great time last week participating as a faculty mentor at @strategysci PhD workshop in Munich. Talented group of students & great job by co-organizers @isinguler & Francisco Polidoro + our LMU host Tobias Kretschemer & fellow mentors. The conference itself & Munich were great"  
[X Link](https://x.com/ProfPaulNary/status/1669357203571240962)  2023-06-15T14:52Z [----] followers, [----] engagements


"Yes our country is not perfect and there is so much work to do. Yet as a first generation immigrant I am so thankful for everything this country has given me still proud to be an American and still wouldnt trade it for anywhere else. Happy 4th"  
[X Link](https://x.com/ProfPaulNary/status/1676220959265640450)  2023-07-04T13:26Z [----] followers, [---] engagements


"Attending @AOMConnect in Boston @vikasaggarwal & I are organizing a PDW (panel & roundtable sessions) on research opportunities (there are many) in private equity & other forms of private capital alt. governance & ownership. Please join us and share with colleagues Details👇"  
[X Link](https://x.com/ProfPaulNary/status/1676605974109356035)  2023-07-05T14:56Z [----] followers, [----] engagements


"Finally heading home after [--] days of travel and a really productive #aom2023 Goodbye Boston"  
[X Link](https://x.com/ProfPaulNary/status/1689036470768562177)  2023-08-08T22:10Z [----] followers, [----] engagements


"#SMS2023 #SMSToronto off to a strong start 💪@Strategic_Mgmt"  
[X Link](https://x.com/ProfPaulNary/status/1708160025041289477)  2023-09-30T16:41Z [----] followers, [----] engagements


"After [---] years my theory paper on private equity (w/ Aseem Kaul) is in print I hope this work encourages more management scholars to study PE as PE's rise and implications for markets firms stakeholders are significant and important to understand. https://journals.aom.org/doi/10.5465/amr.2020.0168 https://journals.aom.org/doi/10.5465/amr.2020.0168"  
[X Link](https://x.com/anyuser/status/1714584138026537394)  2023-10-18T10:08Z [----] followers, [----] engagements


"No work this week 🏝 (mostly)"  
[X Link](https://x.com/ProfPaulNary/status/1719741599721148492)  2023-11-01T15:42Z [----] followers, [---] engagements


"All new from the company that brought you such hits as community-adjusted EBITDA WeWork files for bankruptcy. Or as they put it . "Strategic Action to Significantly Strengthen Balance Sheet and Further Streamline Real Estate Footprint" https://t.co/MclomPxQsH https://t.co/Xn84GhKUNj WeWork files for bankruptcy. Or as they put it . "Strategic Action to Significantly Strengthen Balance Sheet and Further Streamline Real Estate Footprint" https://t.co/MclomPxQsH https://t.co/Xn84GhKUNj"  
[X Link](https://x.com/ProfPaulNary/status/1721852187729399930)  2023-11-07T11:28Z [----] followers, [---] engagements


"Private equity had changed dramatically over the last few decades. This recent @whartonknows feature sums up the key changes and main value creation and capture mechanisms described in my recent conceptual paper (w/ Aseem Kaul) rather nicely. #PrivateEquity Private equity firms have shed old skin and in recent decades become bigger smarter and more relevant in mergers and acquisitions and markets than ever before argues a new paper co-authored by @Wharton @ProfPaulNary: https://t.co/8L4ZMqvskD https://t.co/TFEK25eDzE Private equity firms have shed old skin and in recent decades become bigger"  
[X Link](https://x.com/ProfPaulNary/status/1736765418142908565)  2023-12-18T15:08Z [----] followers, [---] engagements


"First day back to teaching my @Wharton MBA corporate strategy/M&A class and I couldnt be more excited (and as usual cant resist tinkering with content and slides until the very last minute 😅)"  
[X Link](https://x.com/ProfPaulNary/status/1747585474988741115)  2024-01-17T11:43Z [----] followers, [---] engagements


"This is exactly why we have introductory research methods courses 🙃 where these deep questions are discussed in great detail as are methods to address them. But sure doesn't hurt to ask and yes no way I would take for granted the findings of just one study much less use it to recommend a policy reform"  
[X Link](https://x.com/ProfPaulNary/status/1775247848331936225)  2024-04-02T19:44Z [----] followers, [----] engagements


"@jimcramer It will probably stop when $DIS demonstrates real tangible progress and some evidence of real long-term strategy"  
[X Link](https://x.com/ProfPaulNary/status/1775887145217003606)  2024-04-04T14:04Z [----] followers, [----] engagements


"Fascinating thread illustrating real world/real time thinking about corporate (not just business) strategy and a potential acquisition that turns out to be transformative for Facebook $META. Very cool. Few comments from an academic perspective: 1) Mark repeats the old line about "most deals fail to create value". This is one of those things I wish I could erase from collective memory because it is not true and is largely based on imprecise/bad citations. Nuance is important here. How do we measure performance What type of deals are we comparing By some measures more acquisitions create value"  
[X Link](https://x.com/anyuser/status/1781340063332438019)  2024-04-19T15:12Z [----] followers, [----] engagements


"@asharma @jtoonkel Look its not that Im skeptical but Im well skeptical"  
[X Link](https://x.com/ProfPaulNary/status/1781458270613336551)  2024-04-19T23:02Z [----] followers, [----] engagements


"It's officially a trilogy My newest article on private equity acquisitions of divested businesses is now available for early view in @SMJ_Jour In this solo-authored question-driven study I investigate whether corporate divestiture performance differs when divesting to PE acquirers rather than corporate acquirers. This is important because today PE firms are some of the most active acquirers of corporate divestitures yet we know little about them. I find that: a) there are persistently lower shareholder returns associated with divesting to PE acquirers b) these returns are not associated with"  
[X Link](https://x.com/anyuser/status/1792511993011748928)  2024-05-20T11:05Z [----] followers, [----] engagements


"Heading to the annual meeting of strategy researchers secret soc. I mean @1994ccc #ccc2024 😅 See you in St. Louis"  
[X Link](https://x.com/ProfPaulNary/status/1796171017129165294)  2024-05-30T13:25Z [----] followers, [---] engagements


"Proud to be co-organizing Wharton's 5th annual Corporate Strategy and Innovation Conference. Considering submitting your research The deadline is July [--] [----] Details below and application here: https://form.jotform.com/241276076850964 https://form.jotform.com/241276076850964"  
[X Link](https://x.com/ProfPaulNary/status/1806709391007314296)  2024-06-28T15:21Z [----] followers, [----] engagements


"@vitaliyk Indeed. My ex-USSR family and I have always felt the same way. Capitalism (at least the current US version) may have its own issues but there is absolutely no comparing the two. And we actually had it reasonably decent back there"  
[X Link](https://x.com/ProfPaulNary/status/1808126711047115033)  2024-07-02T13:12Z [----] followers, [----] engagements


"Dear academic colleagues attending AOM Chicago please consider joining our PDW on private equity and alternative ownership/governance on Sat. Aug. [--] 3-6PM in Sheraton Ballroom V We will have a panel of wonderful speakers a social mixer and a roundtable workshop. Details👇"  
[X Link](https://x.com/anyuser/status/1813564313795547163)  2024-07-17T13:20Z [----] followers, [----] engagements


"My theory from my own research is that we are at the third turn of PE: Turn 1: Leverage was primary value driver Turn 2: Operational improvement and getting size/focus right were primary value drivers Turn 3: More idiosyncratic strategies needed to drive real returns So earlier you could create value from leverage or ops improvement and although opportunities for these may exist in niches any consistent returns to these have been largely competed away as just about anybody can do these now. Most strategies that create real abnormal value in PE are either from finding new settings for the"  
[X Link](https://x.com/anyuser/status/1814747664132518103)  2024-07-20T19:42Z [----] followers, 22.1K engagements


"Is it a little too late for Intel I have been pessimistic about its strategy for years. Everything about it is a classic case of corporate decline unfolding over a long time: path dependence and inertia of an old firm with strong culture and ossified routines strategic myopia or even managerial arrogance oscillation between stubbornly staying the course or engaging in chaotic and impotent strategic initiatives and endless reorganization (reshuffling of managers and resources). Unfortunately at this stage it may be a little too late for this drastic (and forced and necessary) change to do"  
[X Link](https://x.com/ProfPaulNary/status/1819405179537838251)  2024-08-02T16:09Z [----] followers, 14.1K engagements


"@philippilk Intels collapse largely comes from its own long-term corporate decline and a series of strategic failures. Is it a little too late for Intel I have been pessimistic about its strategy for years. Everything about it is a classic case of corporate decline unfolding over a long time: path dependence and inertia of an old firm with strong culture and ossified routines strategic myopia Is it a little too late for Intel I have been pessimistic about its strategy for years. Everything about it is a classic case of corporate decline unfolding over a long time: path dependence and inertia"  
[X Link](https://x.com/ProfPaulNary/status/1819407500648894682)  2024-08-02T16:18Z [----] followers, [----] engagements


"Cash sitting around is quite possibly one of the worst reasons to engage in M&A and one of the chief enablers of bad M&A ideas overpayment unnecessary reactive or copycat deals etc. Back in the day I did corpdev at a Fortune [---] company that had $20B+ of cash sitting around. The CFO told everyone find some good M&A targets for us to buy with this excess cash or theres zero reason for you to have a job here. $276B() of cash is just insane. Back in the day I did corpdev at a Fortune [---] company that had $20B+ of cash sitting around. The CFO told everyone find some good M&A targets for us to buy"  
[X Link](https://x.com/ProfPaulNary/status/1819747437176607001)  2024-08-03T14:49Z [----] followers, [----] engagements


"Another day another update for my already substantial Diversifying M&A that fails files this time from Topgolf/Callaway. $MODG very much fits the pattern of a classic bad diversifying deal. First its not that either company is terrible as a standalone business but rather that the strategy of combining the two businesses was based on complementarities that turned out to be mostly imaginary or unachievable. Second there is always a danger in these deals of not only failing to realize any forecasted synergies but also in destroying value by mismanaging the acquired business as may have been the"  
[X Link](https://x.com/anyuser/status/1831662742807199754)  2024-09-05T11:56Z [----] followers, [----] engagements


"Respectfully Id offer that Intels problem was a bit more complex than that but also a typical one for once successful incumbents. . Also although some older engineers checked out or were gone there were plenty of old hands in high positions who resisted change and believed in old ways again a typical example of inertia during corporate decline. https://x.com/profpaulnary/status/1819405179537838251s=46&t=nqzxxHvAJJLarkcXEtUg6Q https://x.com/profpaulnary/status/1819405179537838251s=46&t=nqzxxHvAJJLarkcXEtUg6Q"  
[X Link](https://x.com/ProfPaulNary/status/1834266895085641886)  2024-09-12T16:24Z [----] followers, 10.5K engagements


"Politics aside is this yet another example of media not understanding how private equity works Because this is just normal. There is absolutely nothing uncommon or remarkable about a 3yo PE firm/fund collecting management fees while deploying capital and managing portcos. This is another absurd front page article from the @nytimes entitled Kushner Fund: Fees In a Lot. Profits out $0. The NYT attempts to suggest wrongdoing on the part of @jaredkushner (and by extension @realDonaldTrump) for managing a fund that has received fees but has not This is another absurd front page article from the"  
[X Link](https://x.com/anyuser/status/1839694885617647867)  2024-09-27T15:53Z [----] followers, 11.8K engagements


"Interesting take on the current and future state of PE and M&A markets from a thoughtful GP In August my view was that as soon as we got a rate cut the PE market would rip. I was clearly wrong about that. Two weeks ago if you talked to the major MM IBs they were not getting ready to flood the market with new deals. If Q1 was going to be strong we would know it In August my view was that as soon as we got a rate cut the PE market would rip. I was clearly wrong about that. Two weeks ago if you talked to the major MM IBs they were not getting ready to flood the market with new deals. If Q1 was"  
[X Link](https://x.com/ProfPaulNary/status/1856335775484260634)  2024-11-12T13:58Z [----] followers, [----] engagements


"Translation: we are going to talk to investment bankers to see if any potential acquirers may pay a tolerable premium for our firm which apparently is doing so poorly that our board feels the need to appeal to investors by publicizing what is normally a private process Ubisoft today confirmed that leading advisors have been hired to look at transformational strategic and capitalistic options to extract the best value for stakeholders. https://t.co/ZAjMo2qcwN Ubisoft today confirmed that leading advisors have been hired to look at transformational strategic and capitalistic options to extract"  
[X Link](https://x.com/ProfPaulNary/status/1877488465849278884)  2025-01-09T22:51Z [----] followers, [----] engagements


"@SawyerMerritt For me M3 Highland was a better refresh design-wise. Something a bit too Hyundai-like and a bit less like a Tesla happening here visually"  
[X Link](https://x.com/ProfPaulNary/status/1877525811084886335)  2025-01-10T01:20Z [----] followers, 10.6K engagements


"Some businesses and assets just fit private equity ownership competencies and value creation/capture strategies better than others. So far infrastructure has been a core area for PE and that's unlikely to change in the foreseeable future with data centers/etc. private equity can't stop buying data center economy infrastructure apollo just bought argo for $6B blackstone has a $100B data center portfolio wants to be the biggest investor in AI infra blue owl bought IPI for $10B KKR gave ECP $50B for data center credit private equity can't stop buying data center economy infrastructure apollo"  
[X Link](https://x.com/anyuser/status/1879175941798363511)  2025-01-14T14:37Z [----] followers, [----] engagements


"@BigJohn043 John you are 100% right not to buy it. Those failure rates are a myth that unfortunately has been repeated for decades by various sources and is not grounded in reality. I've been trying to fight it for years. And don't get me started on vague attribution to "Harvard""  
[X Link](https://x.com/ProfPaulNary/status/1884630718288154681)  2025-01-29T15:52Z [----] followers, [----] engagements


"One of the biggest business myths is that 70-90% of all M&A fails or some version of it This is completely false There is no peer-reviewed work with these findings. The myth stems from wrongly cited old work and is often perpetuated by people trying to sell you something FWIW I don't buy the 70-80% number. I think that is mostly big acquisitions done by public companies with CEOs that are primarily simply focused on getting bigger. PE roll ups have a way higher success rate. FWIW I don't buy the 70-80% number. I think that is mostly big acquisitions done by public companies with CEOs that are"  
[X Link](https://x.com/ProfPaulNary/status/1884636997572268055)  2025-01-29T16:17Z [----] followers, [----] engagements


"I wish it was as simple as a rift (we all know @Wharton is a better school 😉) Allow me to try and explain. Your example is exactly what has gone wrong here. The reality is that there are no peer-reviewed studies that find those numbers (and an HBR essay is not a peer-reviewed research publication) but in this case at least one of the authors is a research academic who should know better. Moreover as in most of these cases it does not find/confirm these numbers just cites them to help make whatever they propose seem more relevant. But HBR is not even a problem. I can show you dozens of"  
[X Link](https://x.com/ProfPaulNary/status/1884643409572614330)  2025-01-29T16:42Z [----] followers, [----] engagements


"Does private equity "screw up" a business I would not say that it does at least on average/generally. But it all depends on what "screw up" means or a specific outcome. PE seems to do well on average as a temporary owner of businesses by increasing their value. But looking at some more specific factors Evidence is mixed and there is not enough research on this just yet. In some research PE has been shown to make businesses more efficient to increase worker and food safety or to operate complex infrastructure like airports with fewer delays etc. In other studies PE ownership has been found to"  
[X Link](https://x.com/ProfPaulNary/status/1884673365119738105)  2025-01-29T18:42Z [----] followers, 13.1K engagements


"When a public firm puts itself up for sale and there are [--] conf. agreements signed and there are [--] init. bidders but no final deal it is very likely that pricing was an issue Good news is that a failed process may still lead to a deal later on depending on various factors I feel really bad for $MDRX employees. Still not a great situation to be in. The Board probably needs to pull the band aid and start amputating. No one's reputation is walking out of there with two feet. https://t.co/AsIx5jjgjF I feel really bad for $MDRX employees. Still not a great situation to be in. The Board probably"  
[X Link](https://x.com/ProfPaulNary/status/1885453239451344943)  2025-01-31T22:20Z [----] followers, 32.4K engagements


"Someone asked my opinion on this M&A breakdown In short: it conflates too many dimensions while excluding many important factors. My notes in red To be fair to Ben/orig. source it's a fairly typical HBR/McK-style "good-enough/here's my view" figure 😉 My M&A thoughts below Got [--] minutes Let's breakdown this chart of [--] main types of M&A deals. - X axis: size of the acquired company relative to the acquirer - Y axis: the strategic intent The chart shows how deal rationale evolves from left to right: - Left side focuses on immediate cost benefits https://t.co/9x3paJSHc7 Got [--] minutes Let's"  
[X Link](https://x.com/anyuser/status/1890460422827897322)  2025-02-14T17:57Z [----] followers, 12.8K engagements


"Important point: Today generic PE strategies are unlikely to generate significant/competitive returns and most PE firms will have to generate ownership value by being thoughtful and strategic. Some PE firms may still find corners of the market or specific opportunities where timing or arbitrage works but those opportunities are comparatively rare and to take advantage of them consistently still require building significant capabilities. More often timing or arbitrage are sweeteners to their core strategies/process but not a requirement for every deal. Whats the difference between mediocre"  
[X Link](https://x.com/ProfPaulNary/status/1891498411452748109)  2025-02-17T14:42Z [----] followers, 18.3K engagements


"I talk to many PE firms and study them in my research and my impression of some of the commonalities between top performing firms are: 1) They understand their own idiosyncratic competencies well and focus their deals/portfolios accordingly. This can come through experience trial and error etc. Often path dependent. 2) They invest heavily in those key competencies and continue to develop/improve them over time. For some this is their ops improvement process for others its sourcing sometime industry focus etc. Their own playbook and experience tend to co-evolve. 3) At the same time even"  
[X Link](https://x.com/ProfPaulNary/status/1891498413470130452)  2025-02-17T14:42Z [----] followers, [----] engagements


"This is interesting except I disagree that it's "back to basics" As I keep repeating for most PE firms today it's about focus and finding strategies that create real value in what has become a highly competitive space or finding new less-contested niches This is not easy"  
[X Link](https://x.com/ProfPaulNary/status/1891501069563277628)  2025-02-17T14:52Z [----] followers, 10K engagements


"Meanwhile "strategic business direction" for $HHH ( I knew it looked familiar) Justification for 1.5% mgmt fee on $HHH https://t.co/Pfhw34D55S Justification for 1.5% mgmt fee on $HHH https://t.co/Pfhw34D55S"  
[X Link](https://x.com/anyuser/status/1892230784922100116)  2025-02-19T15:12Z [----] followers, [----] engagements


"@marginofdanger @SECGov There is also the fact that there is no real strategy articulated other than "make diversified acquisitions we swear they'll create value""  
[X Link](https://x.com/ProfPaulNary/status/1892280922394780081)  2025-02-19T18:31Z [----] followers, [----] engagements


"Very smart to have a list of M&A deal killers and knowing where you draw the line However one acquirers deal killers can be another acquirers opportunities to create value - e.g. poor management/underperformance are classic value creation opportunities for many PE firms Here is my list of deal killers for a potential acquisition: [--]. Low integrity Seller (dishonest) [--]. Significant unpaid tax liabilities [--]. Bankruptcy proceedings [--]. Nepotism among family member employees / high number of family members in critical roles [--]. Union workforce / https://t.co/bNtki8onDa Here is my list of deal"  
[X Link](https://x.com/ProfPaulNary/status/1892562846208192834)  2025-02-20T13:11Z [----] followers, [----] engagements


"Long post: Why was I skeptical of Pershing Square/ @BillAckman plan for Howard Hughes Holdings Someone asked so I'll share my questions/notes similar to how we break things down in my MBA class. Keep in mind these are just strategy professor's nosy questions not meant to be investment advice or my professional opinion on this deal. I don't have a horse in this race and I haven't studied $HHH in depth. I just enjoy picking apart transactions and strategies hopefully in an unbiased constructive evidence-based manner. I do this in my teaching my research and just for fun. This is also not a"  
[X Link](https://x.com/anyuser/status/1892638870661161182)  2025-02-20T18:14Z [----] followers, [----] engagements


"The book I argue about with students as well as managers and investors the most because it is not nearly as good or informative as many think 🥁 The Outsiders (I wonder how many of what few followers I have will unfollow me now because people just love this book) more👇 What are some books that one-shot people into terrible beliefs and change their entire worldview but in a bad way What are some books that one-shot people into terrible beliefs and change their entire worldview but in a bad way"  
[X Link](https://x.com/ProfPaulNary/status/1894410087525130446)  2025-02-25T15:32Z [----] followers, 17.1K engagements


"1/ Search funds are not my core expertise but I observe them through my MBAs and LMM PE contacts My assessment would be similar -Still growing competition in V/LMM space -Bargains harder to find -Search still popular w/ MBAs but a bit less so -Early searchers did well but now Its not my world and I could be incredibly off on this However I get a lot of emails from self funded searchers looking for equity capital The deals have become way riskier and the economics for the investor have also become much worse over the last year Its not my world and I could be incredibly off on this However I"  
[X Link](https://x.com/anyuser/status/1897702614189719746)  2025-03-06T17:35Z [----] followers, [----] engagements


"1/ Competitive advantage in M&A: this is probably worth elaborating. In the original post I was loosely referring to acquirer's competitive advantage over other potential acquirers/bidders. But there are multiple underlying mechanisms here as I describe in the next posts👇 @ProfPaulNary Can you articulate a bit more about the competitive advantage Is that a searcher or the target prerogative @ProfPaulNary Can you articulate a bit more about the competitive advantage Is that a searcher or the target prerogative"  
[X Link](https://x.com/ProfPaulNary/status/1897748672399708597)  2025-03-06T20:38Z [----] followers, [----] engagements


"Long: Why do firms make objectively bad strategic decisions Does a budget airline need to diversify into running resorts No. We have 1000s of studies and cases suggesting that this is on average a bad strategy. Yet firms make these bad decisions all the time. Consider Allegiant a budget airline with reasonably loyal customers. At some point about [--] years ago someone in its leadership decided that Allegiant should diversify from the airline industry (a notoriously terrible no-good unprofitable industry) into hotels and resorts. They would do this by building and running their own resorts"  
[X Link](https://x.com/anyuser/status/1898044053767471493)  2025-03-07T16:12Z [----] followers, 13.2K engagements


"Ok I've had enough. First there is no M&A boom and now I won't even be able to get a case of Barolo without a second mortgage Is there even anything fun left @MiamKitty can you drop a contact for someone who can smuggle the good stuff into the US President Donald Trump threatened to enact a 200% tariff on European wine champagne and other alcoholic beverages the latest escalation in a brewing trade war between the US and the EU. via @hlowenkron https://t.co/VnQluZV7FJ President Donald Trump threatened to enact a 200% tariff on European wine champagne and other alcoholic beverages the latest"  
[X Link](https://x.com/ProfPaulNary/status/1900194858440044561)  2025-03-13T14:38Z [----] followers, [----] engagements


"Rollups are not easy There is a reason why there have been multiple rollup failures over the last few decades A few thoughts on the success and failure of rollup strategies: 1) Value creation/capture strategy: Strategy should drive everything. How are you intending to create value beyond A+B+C Three potential channels: a) Efficiency/cost synergies - sounds straightforward but you need to know what you're doing - the degree of integration shared processes and practices etc. Plenty of room for idiosyncratic challenges to arise especially if the owner does not have enough experience to"  
[X Link](https://x.com/anyuser/status/1902012744888439262)  2025-03-18T15:02Z [----] followers, [----] engagements


"Get approached by a hedge fund. They want to talk current M&A research. Sure I can do this in my sleep. As we talk mood turns sour. Turns out what they *really* wanted is to only talk research that supports their investment thesis. I guess they wont be inviting me again"  
[X Link](https://x.com/anyuser/status/1902338190519705728)  2025-03-19T12:35Z [----] followers, [----] engagements


"@HighyieldHarry Stealing this for my class session on valuation"  
[X Link](https://x.com/ProfPaulNary/status/1902347558652879317)  2025-03-19T13:12Z [----] followers, [----] engagements


"Rollups PE and Exits: a long🧵 @Slackwatercap posed some thoughtful questions about the current dynamics of rollups PE and exit strategies. I have multiple published and current research projects related to this so thought I'd chime in A few specific thoughts to follow 👇 One of the conundrums facing many larger PE-backed rollups today is that they don't have a lot of viable exit opportunities. It used to be that public markets offered an opportunity to sell out at a higher valuation than was available in private markets whether that is via an One of the conundrums facing many larger"  
[X Link](https://x.com/ProfPaulNary/status/1904180448747524281)  2025-03-24T14:36Z [----] followers, 64.2K engagements


"1/ We need more books on business failures I believe learning from failure is as important as learning from successes maybe more so Understanding business failures can teach you things to avoid which is probably half the battle A few of my picks👇 & please share your own @ProfPaulNary @mastersinvest What are some examples @ProfPaulNary @mastersinvest What are some examples"  
[X Link](https://x.com/ProfPaulNary/status/1904539192836632765)  2025-03-25T14:21Z [----] followers, [----] engagements


"Bayer of course. and not quite done yet although bouncing back up as more uncertainty is resolved I suppose"  
[X Link](https://x.com/ProfPaulNary/status/1904558396000305587)  2025-03-25T15:38Z [----] followers, 21.8K engagements


"Long Thread: Why did Dollar Tree's acquisition of Family Dollar fail destroying $8B+ in value Merging two large competitors to become #1 often isn't the best idea for multiple reasons Bigger is not always better especially when the deal is fraught with many challenges 🧵👇 Purchased for 9bn. Selling for 1bn. 🤢 https://t.co/SQIduQY2xe Purchased for 9bn. Selling for 1bn. 🤢 https://t.co/SQIduQY2xe"  
[X Link](https://x.com/anyuser/status/1904925276124963321)  2025-03-26T15:55Z [----] followers, 118.2K engagements


"I would be interested in seeing data on something along the following categories: -"Unbuyable" businesses (could be due to many idiosyncracies) -"Buyable" but strong bidder competition -"Buyable" but unrealistic seller expectations re price/etc ("unsellable" 🤷♂) - I have a feeling that many may fall into this category - "I will sell at a ridiculous price otherwise I'll just keep on running it/leave it in the family" I study mostly large deals and the dynamics there are somewhat different as there are almost no "unbuyable" businesses at that level"  
[X Link](https://x.com/ProfPaulNary/status/1905634683062301179)  2025-03-28T14:54Z [----] followers, [----] engagements


"Im a simple man with simple needs: some cheesy beef tallow fries with home-smoked pastrami and a decent Barolo and Im happy (while my wife is away at a fancy restaurant for a girls night and the kid and the dog are cooperating/sleeping 🍷🥩🍟 @MiamKitty"  
[X Link](https://x.com/ProfPaulNary/status/1905778036584435924)  2025-03-29T00:24Z [----] followers, [----] engagements


"Moderating a PE Operations Panel on Friday for the Wharton PE/VC Conference in NYC. Crowdsourcing ideas: what are some questions/trends I should bring up"  
[X Link](https://x.com/anyuser/status/1906692454209974754)  2025-03-31T12:58Z [----] followers, [----] engagements


"@rev_cap (not investment advice)"  
[X Link](https://x.com/ProfPaulNary/status/1906699284575060022)  2025-03-31T13:25Z [----] followers, 11.6K engagements


"Perfect opening speaker to kick off the @Wharton PE/VC conference this morning - none other than legendary Howard Marks"  
[X Link](https://x.com/ProfPaulNary/status/1908148633607766231)  2025-04-04T13:24Z [----] followers, [----] engagements


"What happens to consumer products when private equity acquires CPG firms Sales increase and not because private equity raises prices. Rather PE owners launch new products expand geographically and act strategically. More analysis below 🧵👇 https://onlinelibrary.wiley.com/doi/10.1111/jofi.13134 https://onlinelibrary.wiley.com/doi/10.1111/jofi.13134"  
[X Link](https://x.com/anyuser/status/1909965086409506906)  2025-04-09T13:42Z [----] followers, [---] engagements


"Capri selling Versace to Prada for $1.375B. Just as a reminder Capri acquired Versace for $2.12B in [----] expecting to increase V revs to $2B. [----] revs $1B and declining. $800M++ in shareholder value destroyed. Will Prada be a more competent owner for Versace Scoop: Prada poised to seal $1.375mn Versace deal after Trumps tariffs spur $200mn discount Deal expected to be announced as soon as Thursday. Capri CEO in Milan to finalise deal. w/ @silvia_sb_ and @AdrienneKlasa https://t.co/gwcnv208u5 Scoop: Prada poised to seal $1.375mn Versace deal after Trumps tariffs spur $200mn discount Deal"  
[X Link](https://x.com/anyuser/status/1910337756322034149)  2025-04-10T14:23Z [----] followers, [----] engagements


"Presenting a working paper today: When are PE exits via a sale to another PE firm strategic Prior research and some observers suggest it's a lower-quality exit often caused by pressures/distress/etc. Data suggests otherwise. Many of these exits may be strategic performing similarly to exits to strategic buyers. For some PE firms exits to other PE buyers are now actually the modal exit type. Why A few interdependent reasons: -Individual PE firms need exits but for some businesses PE ownership may continue to create the most value beyond the initial 3-6 year holding period. -Different PE firms"  
[X Link](https://x.com/ProfPaulNary/status/1910690444998017423)  2025-04-11T13:44Z [----] followers, 15.4K engagements


"A final nail in the coffin of the $66B Bayer-Monsanto deal a saga spanning almost a decade cementing it as one of the worst (yet preventable) M&A transactions of all time. What happened A quick trip down memory lane 🧵👇 Bayer of course. and not quite done yet although bouncing back up as more uncertainty is resolved I suppose https://t.co/9GZUZkhjvR Bayer of course. and not quite done yet although bouncing back up as more uncertainty is resolved I suppose https://t.co/9GZUZkhjvR"  
[X Link](https://x.com/anyuser/status/1912167138657247268)  2025-04-15T15:32Z [----] followers, 21.5K engagements


"Do products and services improve or get worse under PE ownership It's an important but complex question. We don't have enough academic research yet to answer this definitively but we have some clues I'll leave anecdotes to others and share some research findings below👇 Honest question: are there examples of companies whose products or services got better when they were acquired by private equity Honest question: are there examples of companies whose products or services got better when they were acquired by private equity"  
[X Link](https://x.com/ProfPaulNary/status/1912499784796995646)  2025-04-16T13:34Z [----] followers, [----] engagements


"@bennpeifert I don't think people understand how endowments (and university budgets) work. A large endowment does not mean that an institution can (or should) spend it freely and aggressively across all spending categories"  
[X Link](https://x.com/ProfPaulNary/status/1912876379147739475)  2025-04-17T14:30Z [----] followers, [----] engagements


"If the [--] year old PE VP is a Wharton MBA who took my class those ideas are likely pretty great I promise 😅 The most important advice I can give to new managers of PE owned businesses is that not all PE and PE partners are the same. Some are former investment bankers that have little to no experience in how businesses really operate day to day. They will likely want to be hands off The most important advice I can give to new managers of PE owned businesses is that not all PE and PE partners are the same. Some are former investment bankers that have little to no experience in how businesses"  
[X Link](https://x.com/ProfPaulNary/status/1914667169993884122)  2025-04-22T13:06Z [----] followers, 50.9K engagements


"The original post was mostly meant to be humorous. Yet coincidentally yesterday I chatted with a Wharton MBA alum who became a CFO of a public firm at [--] President at [--] CEO at [--] and went on to do great things at the helm. So some of our MBAs are in fact exceptional. If the [--] year old PE VP is a Wharton MBA who took my class those ideas are likely pretty great I promise 😅 If the [--] year old PE VP is a Wharton MBA who took my class those ideas are likely pretty great I promise 😅"  
[X Link](https://x.com/ProfPaulNary/status/1915029292850819073)  2025-04-23T13:05Z [----] followers, [----] engagements


"To me the interesting part of Elliott Management's shareholder activist campaigns in energy is that it seems to be quite successful at serving as a catalyst for strategic/corporate scope change although of course there are always other factors present (see notes on FT chart) Elliotts lone wolf: the hedge fund maverick waging war on Big Oil https://t.co/V5dS18c1gw Elliotts lone wolf: the hedge fund maverick waging war on Big Oil https://t.co/V5dS18c1gw"  
[X Link](https://x.com/ProfPaulNary/status/1915772978723168709)  2025-04-25T14:20Z [----] followers, [----] engagements


"Long post: Direct imitation is not only the sincerest form of flattery but also often a terrible strategy. My favorite part of $OPEN saga is how both Zillow and Redfin raced to naively imitate Opendoor's terrible business model by aggresively entering iBuying. Zillow entered iBuying directly with Zillow Offers in 2017-2018. This venture was a failure eventually shut down in [----] resulting in $450M in writedowns (and more losses) and major layoffs at $Z. In [----] Zillow returned to iBuying with a much more conservative strategy - by partnering with. Opendoor and carefully expanding markets"  
[X Link](https://x.com/anyuser/status/1917600713514864811)  2025-04-30T15:23Z [----] followers, [----] engagements


"Love to see research findings that both make intuitive sense and hold up to replication/scrutiny A new study with almost [---] Chinese student subjects replicated the main findings of our [----] Management Science paper that short-term pay-for-performance and lack of tolerance for early failure inhibit innovation. https://t.co/MOQTIJWcNG A new study with almost [---] Chinese student subjects replicated the main findings of our [----] Management Science paper that short-term pay-for-performance and lack of tolerance for early failure inhibit innovation. https://t.co/MOQTIJWcNG"  
[X Link](https://x.com/ProfPaulNary/status/1917935457377075468)  2025-05-01T13:33Z [----] followers, [----] engagements


"1/ Do broad M&A auctions lead to higher premiums Not for public firms. (more sales process data/research to answer Q below) Auctions are usually more focused for PubCo sales processes. In fact as my prior post mentioned 27% of deals are privately negotiated with one buyer @ProfPaulNary Really interesting work. One thing that stood out: the relatively low formal auction rate despite high strategic buyer involvement. Suggests many auctions are really pre-wired or semi-marketed processesnot true competitive bakes. Would love to see a breakout of outcomes based @ProfPaulNary Really interesting"  
[X Link](https://x.com/ProfPaulNary/status/1922298636274110822)  2025-05-13T14:31Z [----] followers, 18.7K engagements


"The cycle repeats all over. Yet again the "magic" of putting together content and distribution fizzles out failing to produce the desired results. Happened in the past happening today will happen again tomorrow. Billions of dollars of shareholder value wasted. Warner Bros. Discovery is splitting itself into two separating its HBO Max streaming service movie studio and TV production business from its cable networks https://t.co/CFkYteFWg0 Warner Bros. Discovery is splitting itself into two separating its HBO Max streaming service movie studio and TV production business from its cable networks"  
[X Link](https://x.com/ProfPaulNary/status/1932188504814985528)  2025-06-09T21:30Z [----] followers, [----] engagements


"@buccocapital The new Grand Wagoner is an abomination. Now a classic 1980s/1990s wood-paneled Grand Wagoneer is a thing of beauty. although prices for them have been going up recently"  
[X Link](https://x.com/ProfPaulNary/status/1935701365470179751)  2025-06-19T14:09Z [----] followers, [----] engagements


"Finally some fun M&A developments with a potential bidding war brewing for GMS Interesting move for $HD from a corporate strategy perspective as it looks to continue its aggressive expansion into the pro segment following the $18B acquisition of SRS Distribution last year. SCOOP: Home Depot has made an offer for building-products distributor GMS kicking off a potential bidding war between the home-improvement giant and serial dealmaker Brad Jacobs. $hd $gms $qxo https://t.co/xPbdax0KPi SCOOP: Home Depot has made an offer for building-products distributor GMS kicking off a potential bidding"  
[X Link](https://x.com/anyuser/status/1935804249075483081)  2025-06-19T20:57Z [----] followers, [----] engagements


"Home Depot's M&A activity over the last decade: Only a few big deals: -SRS in [----] ($18B) - roofing -HD Supply repurchase in [----] ($8.7B) - electrical plumbing etc. -Interline Brands in [----] ($1.7B) - maintenance/repair for CRE Smaller deals: -IDG/Construction Resources in [----] (50 tile/stone showrooms) -Temco Logistics in [----] (appliance install/delivery) -Askuity in [----] (retail data analytics) -The Company Store in [----] (textiles/linens) $HD also made some VC investments through its CVC arm but that's not going to move the needle. Clearly the focus is on building out a strong presence in"  
[X Link](https://x.com/anyuser/status/1936072424761553245)  2025-06-20T14:43Z [----] followers, [----] engagements

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