You might have heard the term "private equity" thrown around lately. Private equity, or "termite capitalism," as it's been ironically called, is a sweeping term for a massive industry built around buying and flipping private companies. These businesses can be just about anything — municipal water utilities, chain restaurants, bottling plants, even (and especially) retirement homes. Unlike other industries, private equity doesn't produce anything of value. When someone flips an abandoned house, they're theoretically making structural repairs and quality-of-life updates, in the hopes of selling for more than the cost of the whole project. Private equity does the opposite, taking […]