[mitt_romney_12]

> With any financial innovation, there's often a cycle: initial excitement, over-extension, contraction, and then matured understanding

I'm a little more cynical, I think the cycle is: a new financial invention comes out, greed causes people to people to pump money into it, eventually the bubble pops or regulators step in. We've seen it time and time again: the dot com bubble, the subprime mortgage bubble, SPACs, and now/soon (IMO) with PE. My question is how many times this has to happen before we stop viewing it as an isolated with specific product and start to see it as a system issue with our financial system.

[wnc3141]

I'm curious what your reasoning on PE is. I know the space is struggling, (I'm not exactly rooting for them), but could you give a little context on what bubble and potential regulation is called for?