Think of 2014 as the first new-normal year, in which water has found its own level, says the Riverside Co.s Stewart Kohl at InterGrowth 2014. Why didnt M&A thrive in 2013? Soak time, Kohl quips. For more, see Private Equity Perspective: the New Normal. To see how 2014 is shaping up, see M&A Dips in August, but 2014 Continues to Beat 2012 and 2013.