6. “There’s a massive difference between being a family-owned private company and a PE-backed private company. I think private equity just don’t believe in this long-term attitude – they have a three- to five-year focus – ‘get in, get out’.”
Norris reiterated his scepticism towards the private equity model, adding that “even more importantly” companies should be run by management and not the shareholders.
“Whether it’s public markets trying to run companies or private equity firms trying to run companies, things [always] go really wrong,” he said.
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