The energy sector, as currently composed, is heading for collapse within a decade.

bantam inc jack duval mfo multi-family office NYC manhattan - pterodactyl fossil image

Ironically, fossil fuel companies will become sources of funds for the new energy future.

In the first post of this series, I introduced the idea of the Climate War.  Here I want to use the oil industry to illustrate how a whole industry will be left behind as the world shifts into the third industrial revolution.  (The first industrial revolution was powered by coal, the second

by oil, and the third will be powered by renewables.[1]) Clearly the oil industry will be with us for a few more decades, but all the growth will be stripped out of it.  This can be seen in the car market over the past few years.  Internal combustion…

The “reallocation of capital” that Fink writes about will not be smooth or pleasant. It will amount to a phase shift and many firms will not be able to make the leap.

bantam inc jack duval mfo multi-family office manhattan nyc - blackrock for kimatet image climate war

BlackRock joins the Climate War.

This post is the first in a series exploring the implications of what I call the “Climate War”.  I use the war analogy because nothing has paralleled the ability of war to mobilize humanity. I believe that within a year or two the entire world will be in the Climate War. In

many ways, the war has already started (the mobilization has not).  In this war there will be no Switzerlands.  That is, neutrality will not be possible.  Every person, community, company, and country will be in it, whether they want to or not. In this war, humanity faces an…

The real play is in companies that are leveraged to the creation of infrastructure assets.

bantam inc jack duval MFO multi-family office new york manhattan - green infrastructure image

Infrastructure will look a lot different in the future.

I've been writing about the coming secular increase in global infrastructure spending in a series of blog posts.  Others are seeing the same thing, both in the M&A market and private equity universe. Infrastructure M&A In December, John Grayken's Lone Star Funds bought BASF's construction chemicals business for $3.5 billion.[1]  That unit

has over 7,000 employees and production sites and sales offices in over 60 countries. On Monday, WSP Global approached infrastructure engineering firm Aecom about a possible merger.[2]  For those of you who don't know Aecom, it is a global engineering firm that offers services in infrastructure, including: consulting,…

"The private equity business is more competitive because there is more money that has flowed into it."

bantam inc jack duval mfo multi family office new york manhattan - private equity AUM chart

Growth of global private equity dry powder. Source: Bain & Co.

This is the fourth interview in our Entrepreneur and Family-Owned Business Interview Series. These interviews are designed to help entrepreneurs and family business owners think through the benefits, implications, and consequences of taking outside investment. As part of the project, I am interviewing private equity fund managers, middle-market investment bankers, attorneys,

accountants, and consultants that advise privately held firms. This interview is with Bob Horne, a partner at ZS Fund L.P., a private equity firm located in Manhattan. Bob has decades of experience working in private equity and before that in mergers and acquisitions at Salomon Brothers. Some of the…

Global central bank intervention has altered the very fabric of the economic universe, time.

bantam inc. jack duval mfo multi-family office manhattan new york - space bending image

Light bending around the sun is similar to the distortion caused by artificially low interest rates.

Like the Spacing Guild, central bankers the world over have bent the financial universe to their will.  The results have been spectacular.  If you were wealthy in 2009, you are almost certainly much more so at the end of 2019. In this unprecedented decent into interest rate suppression, asset purchases, and

the resulting stock market volatility suppression, there has been an unintended consequence, it has caused the periodicity of the economic cycle to become stretched.  In other words, global central bank intervention has altered the very fabric of the economic universe, time. And we are nowhere near touching the bottom…