When your business model is "we can do this better than others -maxxed" your assumption is there will always be another sucker. 30 years of taking dumps and selling trash has others learning caution and not willing to buy on a hope and a dream. Suddenly when the suckers dry up business is challenging? You have no model.

Data point; I've only had 2-3 PE job conversations in the last 15 years and have had 2 in the last 2 months as I explore the market and both mention that the management Equity are "looking to exit" in the next 18 months. Everyone looking to be a "PE expert" type company and everyone forgetting we actually need companies run for the long-term; ratio of "experts" to actual doers is definitely too high.

Its almost like they bought the companies to kill competition, and the only ones shouldering the loss are the lowest paid workers.