>They consistently rewrite the code of their acquisitions with a tiny team, fire everybody and are able to maintain and improve the product.

"improve" is doing a lot of heavy lifting here. Evernote and meetup are in worse states post BS. Shipping features and shipping value is very different in this landscape.

>It looks like next generation private equity, and my guess is more houses will start copying them.

Yes, that's why I hate it.