International Man: Private equity firms used to be associated with big corporate deals, but now they’re buying up plumbing companies, HVAC businesses, roofers, dental practices, veterinary clinics, car washes, and other small, boring, cash-flowing businesses all over the US.
What do you make of this trend?
Doug Casey: It’s not a sign of healthy capital allocation. Brokers are packaging all manner of cats and dogs to generate fees and commissions. It seems they’re scraping the bottom of the barrel now. Meanwhile, the hoi polloi —I hesitate to call them investors—are desperate for ways to maintain their standard of living in the face of serious…
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