What percentage of the private equity industry's returns are attributable to one pe firm selling their assets to another pe firm? Just trading assets all day to make the numbers look good? I've never looked under the hood of a PE-owned company and said "wow, this is well run."
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VC backed IPOs seem particularly terrible to me. But it seems like roughly the same game. A ridiculous hype machine that's going to end badly for the ultimate bag holders. The Ponzi part is trading shares back and forth at ever higher valuations, without money coming back out.
I think David and I (for me personally I'm not super knowledgeable about this) both think they're ponzi-esque, not hard ponzi-schemes, to be clear.
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Yeah I'm definitely not trying to make some legal claim, here.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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