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Carrier’s CEO just sounded the alarm: HVAC sales plunged 30% in July and are set to drop over 40% year-over-year in Q3. Markowski calls it another “dead canary,” warning that private equity is sitting on overinflated investments—from air conditioners to vet clinics—desperately waiting for the next sucker to buy in. With phony valuations, hidden risks, and fees still flowing to insiders, this could be worse than the hedge fund craze. Don’t get duped by shiny “alternative” investments pushed into 401(k)s—know the difference between smart money and sucker bets.