First, in terms of equity bias.

第一,股权偏好

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Glenn Hutchins of Silver Lake thinks the tech sector is now in a similar condition to the old economy in America in the early 1980s, which is when private equity first started to have an impact, by restructuring and consolidating many industries.

ECONOMIST: Private equity and technology

First equity, then sub debt, then deposits and senior bonds together, and all treated equally.

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Its return on equity in the first half of the year was a measly 1.3%.

ECONOMIST: Commerzbank