The organizations participating in an inflection bubble have another distinguishing characteristic: There’s some project for which working at that organization is the only plausible way to make it happen. This holds true for a company like SpaceX; there just aren’t many groups trying to get humans to Mars. But it doesn’t hold for a private equity firm. If one firm doesn’t buy that particular undervalued and slightly mismanaged company, another firm probably will, or the company’s better-run competitors will eventually beat it.
