In the equity markets, being big can hurt your performance. If you want to buy $1 million of an S&P 500 stock, you can do so without moving the price. If you want to buy $1 billion worth, the market will push up the price before you can complete your purchase. In our world, we found the opposite happening: as our funds grew and our rivals struggled, our size became a major source of advantage. We found buyers and sellers eager to work with us, and us alone. We moved away from participating in many competitive auctions with other private equity firms into situations where we could focus more
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