The Growth Equity Docket Vol. 1 No. 8 — Tax Relief, Mega-Deals and the Cost of Lost Confidence

California voted on whether to tax wealth and said no. Prop 40 failed [52 to 48], and Prop 42 wrote the no into the constitution [51 to 49]. Washington changed hands [in both chambers]. The first result changes how my clients plan and the second changes who asks them questions, and that is as much politics as this letter will carry. The deal market did not pause. Marvell signed $115 billion in stock for Lumentum on Sunday night, the largest semiconductor deal on record, and behind it came a $17 billion strategic deal, a $15 billion take-private, a $9 billion sponsor exit, a $1 billion round at $40 billion, and the wind-down of a firm that sat across the table from me for twenty-five years.