Sandy Robertson is worried about what’s happening in the market these days, and that’s important. Few people in the financial world have seen more than him.
Robertson is best known as Silicon Valley’s pioneering deal maker and founded two “four horsemen” investment banks, Robertson Stevens and Montgomery Securities, which dominated technology underwriting in the 1990s. I supported you.However, his career dates back to the 1960s, as a Smith Barney broker covering Nebraska and Iowa. Warren Buffett Build a position with American Express.
Robertson, who is currently preparing to celebrate his 90th birthday on Friday, is still Salesforce, And the founding partner of the private equity fund Francisco Partners. He didn’t detect a maniac who warned him about expensive internet ratings in 1999, just months before the bubble burst, but he said, “again, it’s a very bubbling time.” believe.
“I told my young partner not to confuse the bull market for technology with investment decisions,” he said in a telephone interview with the Financial Times. “The public market seems very bubbly to me.”
One of Robertson’s warning signs is the explosive growth in the number of blank check companies. Spacs, Or a special purpose acquisition company. We usually raise money from investors for the purpose of making a deal within two years. According to Refinitiv, 320 Spacs were released in the United States this year, up from just 12 across 2016.
“This Spac is a great indication of the later stages of the cycle,” he said. “Some are pretty good, but there’s a lot of junk at the bottom.”
