I'm saying that huge amounts of new private equity money (50%+) ends up going to Facebook and Google for advertising to grow the business through customer acquisition.
Ah, right. Yes I can see what you mean.
It's a new breed of "zombie" company that instead of being kept afloat by low interest rates, are being kept going by huge injections of private capital when they in all likelihood have no route to profit.
It's a pretty unjust situation for a trad business when a PE funded monster start up arrives in your area and buys your customers by offering services at significantly below cost, in order to make you go bust, and then take advantage of a monopolistic situation.
But it's an allegedly free market, so all it's all fine...
Whilst I agree that a big bust up in PE will have significant consequences for the wider economy, I won't be able to avoid a bit of schadenfreude if it does happen.