• Thought of the Day

    Thought of the Day

    2000: Our purses shall be proud, our garments poor,$ For tis the mind that makes the body rich,$ And as the sun breaks through the darkest clouds,$ So honor peereth in the meanest habit.$ No profit grows where is no pleasure taen.

    –Shakespeare, The Taming of the Shrew, IV: iii, 173.

Today in Financial History

1979: The first modern leveraged buyout using high-yield junk bonds — a $381 million deal to take Houdaille Industries private — is completed by Kohlberg, Kravis, Roberts & Co. Over the next six years, Houdaille produces a 33.9% average annual return for KKR's institutional investors.

George P. Baker and George David Smith, The New Financial Capitalists: Kohlberg Kravis Roberts and the Creation of Corporate Value (New York: Cambridge University Press, 1998), pp. 71, 74.