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 didn’t 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.