Thank you for sharing this Nick. very interesting article. I would throw in a bit of skepticism in this. If I throw in a good dose of logic , then I am questionning about survivorship bias. Since PE requires heavy leverage, so during the two big market corrections (dotcom and Great Recession), many of these firms would have gone bust. The fact that this is not reflected (much) in the lower IRR returns during recessions makes me a skeptic. So the lack of variability in the PE valuations simply means the Lack of transparency (or efficiency) of this asset class.