Jimmy Dunne on 9/11 Remembrance, M&A Outlook, and the Business of Golf

Remembering 9/11

• 🕯️ Jimmy Dunne reflects on the 24th anniversary of 9/11, a day that remains front and center for him due to the loss of dozens of colleagues in the South Tower.
• 🧠 He notes that while the day is always somber, younger generations are willing to learn about the events, suggesting there's no risk of forgetting.
• 🙏 Dunne expresses gratitude to CNBC for their consistent remembrance and for the value their media coverage provided to Piper Sandler's client base over the years.

M&A Activity and Market Trends

• 🚫 For financial institutions, M&A conversations have been nonexistent for 5 years due to regulatory uncertainty and a perceived negative attitude from regulators.
• 💬 However, there is now much more discussion and willingness to talk about deals behind the scenes.
• 📈 The firm has completed 20 deals totaling about $15 billion, a substantial increase of 30-40%.
• 🚀 Reasons for increased activity include ongoing margin compression, very good credit, and the need for companies to upgrade technology and embrace AI to avoid being left behind.
• 💰 Dunne suggests that stock deals are not being paid a premium; instead, buyers are acquiring companies at a discount, advising to find a favored company and negotiate an attractive exchange ratio.

The Business of Golf

• 🏌️ Dunne discusses his involvement with the PGA Tour and his resignation from the board, stating he was superfluous and that a deal could have been done earlier.
• ⚖️ He believes the tour is now in good shape, and LIV Golf seems to be functioning as intended, suggesting the current situation might persist.
• 🕰️ Dunne feels that if a deal were to be struck, it should have happened before the British Open in 2023, and he was surprised by the negative reception to their settlement and discussion initiation.

Current Engagements

• 🏢 Dunne is involved with True Golf, calling it a great company with many options.
• 📈 He serves on the AIG board, learning a lot from a highly effective CEO.
• 🤝 Dunne is also on the Chime board, which has been exciting, and the Notre Dame board.
• 🗓️ He has a busy schedule, including a breakfast meeting with Pete Piacqua the following day.