This week we turn our attention back to private markets where Richard’s prior smoke signals may be bearing fruit. That is, we’re getting reports that private equity is playing pass the parcel: selling assets to themselves that they can’t exit and doing so at their own valuations. Marking your own homework? Delaying a bubble that’s sure to burst? Or is it simply remortgaging from one bank to another. [Repeat from October, 2023.]

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