Dry Powder: The Private Equity Podcast
Previously on Dry Powder, Karen Harris, managing director of Bain’s Macro Trends Group, pressure tested my case for cautious optimism as we head into 2026.
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Today on the show, we turn our attention to soaring tech valuations and whether a handful of highly valued stocks may be approaching a sharp correction.
“The unfortunate history of big investment shifts is that enthusiasm that drives the shift often produces a boom-bust cycle, with early investors acting as the unwitting subsidizer of the technology shift,” Karen observes. “Railroads are another classic example of this kind of dynamic. Is AI different?”
We’ll examine whether those concerns are warranted and to what extent a potential tech pullback would actually ripple through the wider economy.
The Private Equity Podcast
In our podcast series, Bain's Hugh MacArthur interviews leading experts on the trends and opportunities that will redefine the private equity industry.
First published in gennaio 2026