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Egon Durban, the co-CEO of tech-focused private-equity firm Silver Lake, has made memorable appearances at Fortune’s Brainstorm Tech conference in Aspen over the years. I interviewed him on Thursday over Zoom for a Brainstorm Tech virtual audience. He talked about playing the long game, which makes sense. He has no choice but to do so for ailing entertainment and live-events investments such as AMC movie theaters and the Endeavor talent empire. He also has the long game in mind for two massive travel investments for which his firm got in at Buffett-like markdowns: Airbnb and Expedia.
Some key takeaways: (Huge thanks to Lucinda Shen, who generously shared her notes with me, since I was busy. See Term Sheet’s take on the talk.)
- The 40-some companies in Silver Lake’s portfolio have debt equal to about 2.4 times their earnings before interest, taxes, depreciation, and amortization, a low figure for private-equity-owned businesses. Those companies bought 70 companies last year.
- Durban professes no special read on when travel will come back beyond that