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This, in turn, will mean depressed returns for investors.
Fund managers described the offer as opportunistic on the part of private equity, saying the bidders were seeking to take advantage of depressed returns in the pathology industry and weak share prices as the industry faces a government review.
The good news is that after several years of depressed returns, emerging market valuations are statistically cheap.
And if the industry becomes over-funded I suspect it will lead to bad behavior at startups, bad behavior at VCs and thus overall depressed returns relative to smaller funding cycles.
The increase in the triennial valuation reflects record low interest rates and low bond yields, which have depressed returns.
Some argue that the hedge fund industry's rapid growth - it has quadrupled in size over the last 10 years - has depressed returns.
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Low interest rates used since the financial crisis have depressed investors' returns on developed market debts, pushing them to invest more money in emerging markets to seek greater returns, exacerbating the problem further.
Reunification has been partly to blame: the inclusion of firms in former East Germany and the massive boom in capital investment after unification both depressed average returns.
And the pension gap will widen if, as I forecast, we enter an era of mild deflation, low interest rates and depressed equity returns.
The authorities, pleased to see a successful high-tech firm in economically depressed Berlin, returned the compliment.
These studies are outlined in Table 4 along with a summary of effect sizes, p values and confidence intervals regarding the likelihood of depressed patients returning to work after MI.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com