Berkshire Versus KKR: Intermediary Influence

The American financial services industry employs innumerable intermediaries. But the exact effect of these intermediaries is unknown and almost immeasurable. [buffett] A recently released working white paper written by Lawrence A. Cunningham titled Berkshire versus KKR: Intermediary Influence and Competition, author of Berkshire Beyond Buffett: The Enduring Value of Values, and the The Essays of Warren Buffett: Lessons for Corporate America, looks at the effect these intermediaries have on the financial system. The paper concentrates on the acquisition industry, an industry that is characterized by one-time players who rely heavily on acquisition intermediaries. As Lawrence Cunningham notes, citing the work of Professor Kathryn Judge (citation…