Zaz vs. Goliath

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Happy Sunday, and welcome back to Dry Powder.

In life, I believe optimism should be celebrated. But when some of our brightest minds are forecasting a robust M&A climate in ’23, despite the current higher interest rate environment, that strikes me as outright naiveté. In today’s private email, my thoughts on what Wall Street’s deal flow might actually look like this year, observations on the slumping equity markets, a potential Warner Bros. Discovery comeback, some words for Tesla shareholders, and more.

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Zaz vs. Goliath

News and notes on what's really going down on Wall Street: the new M&A environment, Twitter, David Zaslav’s debt journey, the bulls, the bears, and the pigs.

WILLIAM D. COHAN

Perhaps it’s the mirth and enthusiasm of a new year—to say nothing of the eternal January optimism of investment bankers—but I’ve been reading that some of our brightest minds expect the M&A environment to rebound in 2023. I have a different view. And, naturally, it involves the instructive lesson of Elon Musk and Twitter, and ends with the instructive lesson of Elon and Tesla...

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