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Is there such a pattern? I'm not aware of any data pointing towards one, and I know lots of businesses with no monopoly or regulatory moat that have been acquired by private equity firms. I think people just don't care when PE buys businesses that don't seem very important.

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If PE buys something that doesn't have a moat then they can't enshittify it because the customers would immediately switch to alternatives.

They often still buy those things, e.g. when there is a failing company in a competitive market that could do better with new management, but then no one complains about it because they're not making the product worse (and can't because there is actual competition).

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