The Great Private Equity Hangover | Protect the Pile Episode 19 w/ Dan Rasmussen

00:00 Welcome to Protect the Pile with Dan Rasmussen 01:31 Dan Rasmussen’s Origin Story 03:08 Why Private Equity Looks Like Levered Microcaps 05:15 Private Equity’s Risk Problem & Delayed Marks 07:51 Private Credit, Public Market Signals & Hidden Stress 09:14 The Roll-Up Boom: From Pest Control to Public Libraries 15:18 Why Retail Investors May Be More Skeptical Than Institutions 21:00 Venture Capital vs. Private Equity Misconceptions 26:30 Dan Rasmussen’s Bull Case for Japan 35:13 Small Caps, AI and the Strange 2026 Market On this episode of Protect the Pile, R. Patrick Kent, John McNamara and Brooks Cutright sit down with Dan Rasmussen, Founder and Managing Partner of Verdad Advisers, for a sharp, skeptical look at private markets, Japan, small caps and the AI boom. Rasmussen explains why private equity may be less of a magic asset class and more like “levered microcaps” with delayed marks, inflated valuations and growing liquidity risks. The group digs into private credit, zombie funds, roll-ups, venture capital, Japan’s corporate governance reforms and why cheap markets getting better can create opportunity. They also debate whether AI’s biggest winners may not be the mega-cap companies spending the most, but smaller businesses that can use the technology to improve margins. It’s a candid, practitioner-level conversation about risk hiding in plain sight.