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20 Cards in this Set

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stratosphere
n.[气]同温层, 最上层, 最高阶段
ubiquitous
adj.到处存在的, (同时)普遍存在的
outlier
n.露宿者, 局外人

Private equity is now an industry. It wasn't that long ago, we were an outlier in the financial world.
titan
n.[希神]提坦, 太阳神, 巨人

Texas Pacific was among the titans of private equity in 2006.
binge
n.狂闹, 狂欢

Cheap debt, deep-pocketed institutional investors hungry for robust returns, and burdensome regulations for public companies all helped fuel the private equity binge.
parlay
n.连本带利的赌博
vt.连本带利地赌博, 使增值

Its first big success was turning around Continental Airlines, and parlaying a $40 million investment in the troubled carrier in 1993 into a stake worth $400 million.
juggernaut
n.使人盲目崇
Indeed, it's been the firm's ability to find deals in unlikely places that has turned it into a juggernaut.
contrarian
One who takes a contrary view or action, especially an investor who makes decisions that contradict prevailing wisdom, as in buying securities that are unpopular at the time.

An investment style that goes against prevailing market trends by buying assets that are performing poorly and then selling when they perform well.

When we look at complicated, contrarian investments, we remind ourselves of the story of the boy who, upon finding a room full of horse manure started happily digging, knowing there had to be a pony under there somewhere. Our job is to search through the complexity and distress to see if we can find the hidden 'pony' in a transaction.
hands-off
But for the most part, the investor group has maintained a hands-off approach.
suspend
vt.吊, 悬挂
v.延缓

The investor group also structured the debt financing on the deal so the company can suspend cash payments if necessary and pay a higher interest rate to lenders. Neiman Marcus hasn't had to exercise that debt provision so far.
lenient
adj.宽大的, 仁慈的, 慈悲为怀的

Recent deals structured by Texas Pacific and other buyout firms included much more lenient terms and the ability to defer cash payments if a portfolio company encounters turbulence.
in the footsteps of
KKR's planned $1.25 billion IPO follows in the footsteps of Fortress Investment Group, The Blackstone Group and Oaktree Capital Management.
haul
n.用力拖拉, 拖, 拉, 捕获物, 努力得到的结果, (尤指)一网捕获的鱼量

Although Blackstone and Fortress said they planned to allocate portions of their IPO proceeds to their business, sizeable chunks of each firm's haul went to a handful of senior managers.
lineup
n.阵容, 阵形, 一组人

Its IPO proceeds could help it further diversify its lineup, by allowing it to take a greater role in assembling and syndicating the equity and debt used in each of its transactions.
keep pace with
KKR also revealed that, despite solid returns on invested capital, it hasn't kept pace with the performance of Blackstone, which is about 10 years younger.
kimono
n.和服, 妇女穿着的宽大晨衣

It's a personality decision. There are firms that make tens of millions of dollars but don't want to open up the kimono.
facile
adj.易做到的, 易得到的, 不花力气的, 敏捷的, 流畅的, (性格)柔顺的, 温和的, 容易的

But beyond these facile truisms about the market, there are unseen forces at work that most of us never contemplate, much less comprehend.
a bevy of
n.一群鸟, 一群(少女或少妇), <俗>一堆东西, 一群人

..., the field has proliferated with a bevy of new products.
clearinghouse
n.票据交换所

Most conforming loans -- available to home buyers with good credit, verifiable income, sufficient down payment, borrowing less than $417,000 (for a single-family home in most of the United States) -- are bought by Freddie Mac and Fannie Mae, the giant quasi-governmental mortgage clearinghouses.
trump
[trQmp]
n.王牌, 法宝, 最后大的手段, 喇叭
vt.打出王牌赢, 胜过
vi.出王牌, 吹喇叭

But most other home loans are traded on the private secondary market, where innovation has sometimes trumped common sense.