Can't different PE groups have different strategies? A note from Buffett on PE: Unlike LBO operators and private equity firms, we have no “exit” strategy — we

Can't different PE groups have different strategies? A note from Buffett on PE: Unlike LBO operators and private equity firms, we have no “exit” strategy — we buy to keep. That’s one reason why Berkshire is usually the first — and sometimes the only — choice for sellers and their managers. Some years back our competitors were known as “leveraged-buyout operators.” But LBO became a bad name. So in Orwellian fashion, the buyout firms decided to change their moniker. What they did not change, though, were the essential ingredients of their previous operations, including their cherished fee structures and love of leverage. Their new label became “private equity,” a name that turns the facts upside-down: A purchase of a business by these firms almost invariably results in dramatic reductions in the equity portion of the acquiree’s capital structure compared to that previously existing. A number of these acquirees, purchased only two to three years ago, are now in mortal danger because of the debt piled on them by their private-equity buyers. Much of the bank debt is selling below 70 ¢ on the dollar, and the public debt has taken a far greater beating. The private-equity firms, it should be noted, are not rushing in to inject the equity their wards now desperately need. Instead, they’re keeping their remaining funds very private. https://www.quora.com/Is-Berkshire-Hathaway-a-private-equity-firm-If-not-what-would-you-call-it-and-what-are-da-differences-between-its-way-and-PE-firms https://www.quora.com/Is-Berkshire-Hathaway-a-private-equity...