This is the net model of Data Sheet, Fortune’s day by day e-newsletter on the top tech information. To get it shipped day by day to your in-box, sign up right here.
Egon Durban, the co-CEO of tech-concentrated personal-fairness organization Silver Lake, has produced memorable appearances at Fortune’s Brainstorm Tech convention in Aspen in excess of the years. I interviewed him on Thursday around Zoom for a Brainstorm Tech virtual audience. He talked about participating in the extended recreation, which can make sense. He has no preference but to do so for ailing leisure and dwell-gatherings investments this sort of as AMC film theaters and the Endeavor talent empire. He also has the long video game in thoughts for two substantial vacation investments for which his firm acquired in at Buffett-like markdowns: Airbnb and Expedia.
Some key takeaways: (Large thanks to Lucinda Shen, who generously shared her notes with me, since I was hectic. See Term Sheet’s just take on the chat.)
- The 40-some organizations in Silver Lake’s portfolio have debt equal to about 2.4 situations their earnings right before fascination, taxes, depreciation, and amortization, a very low figure for personal-fairness-owned businesses. All those companies acquired 70 providers previous 12 months.
- Durban professes no exclusive read through on when journey will occur back beyond that it will occur back again. Ditto amusement. It’s very good to be an trader who sits previously mentioned all the rest, specifically lowly frequent shareholders.
- Durban himself is not a massive “butt-to-seat person”—people who perform with me know I can relate—so he isn’t extremely bullish on a recovery in commercial true estate. Like other people I’ve spoken to just lately who are blessed with good health and fitness and greater employment, he’s busier than at any time.
- The trader started out tweeting shortly after Silver Lake invested in Twitter—and then stopped a several months back. (Tweeting and large-greenback-worth investments do not always go hand in hand.)
- A metrics-pushed male, Durban finished our chat with a good a single: He has experienced dinner with his spouse and children for 43 consecutive evenings, absolutely a record.
Speaking of businesses that have been hammered by the slowdown in amusement, AT&T CEO Randall Stephenson, whose enterprise owns WarnerMedia, had a great line in an earnings get in touch with, as documented in The Wall Street Journal: “We bring in the smartest and the most genius economists in the world, and you can provide a dozen of them in, and the range of attainable outcomes just for the second quarter of 2020 is unbelievably large.”
This version of Data Sheet was curated by Aaron Pressman.