Leon Black is a value investor. He can't find any value:
We think it’s a fabulous environment to be selling into. We’re selling everything that’s not nailed down in
our portfolio. It’s almost Biblical—you know, there’s a time to reap; there’s a time to sow—and right now
we are harvesting. There’s even an opportunity for strategic sales. We’ve had 13 billion dollars’ [worth] of
realizations over the last 15 months, which is more than we’ve ever done over any period like this. We are
a value investor. We like to buy good companies at low prices. Our view right now is the market is pricey.
The average transaction in the US is being done at a 9 multiple of EBITDA. Inexplicably, in Europe it’s even
higher: 9½ to 10. When you pay that type of multiple, you’re pricing to perfection.