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Home > Excess Returns > The Bubble No One Can Sell | Dan Rasmussen on the Private Equity Trap
Podcast: Excess Returns
Episode:

The Bubble No One Can Sell | Dan Rasmussen on the Private Equity Trap
Category: Business
Duration: 00:55:48
Publish Date: 2025-07-31 19:51:50
Description:

In this episode of Excess Returns, Justin and special guest host Kai Wu of Sparkline Capital are joined by Verdad’s Dan Rasmussen for a deep dive into the hidden risks lurking in private equity—and why they may be more dangerous than investors realize.

Rasmussen, a long-time critic of the asset class, explains why the allure of illiquidity, stale pricing, and past outperformance has led to dangerous capital misallocations. Along the way, we explore the origins of the Yale model, the current liquidity crunch, volatility laundering, and whether small-cap value could be the better bet today. We also dig into bubbles, biotech, and whether AI will concentrate or diffuse economic power.
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