Unaccountable bosses, declining returns on capital and fed-up investors
Save time by listening to our audio articles as you multitaskFew were surprised when General Electric , a poster-child for expansion-induced destruction of shareholder wealth, announced plans to break in three in November 2021. This unravelling, which is likely to be completed in 2024, is far from novel. Johnson & Johnson, 3and Kellogg are all in the middle of breaking up. Germany’s Thyssenkrupp and Siemens have both recently completed hulking divestitures.
Look closer, though, and similarities abound. Huge profits from tech firms’ core businesses have funded a giant land-grab. Amazon’s dominant position in cloud computing, initially intended to support its e-commerce marketplace, now contributes the lion’s share of profits and bankrolls big bets in entertainment , health and space .
The true extent of private-equity firms’ problems may remain cloudy for a while. But the reckoning will come, because their funds are by design time-limited. Eventually, the funds’ managers will be forced to sell the assets and return cash to investors. Underperformers will find themselves unable to raise new funds.
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