> Productive and innovative businesses with really solid fundamentals (balance sheets) that were acquired and dismantled by PE.

You have way too much (unneeded) limiting qualifications. In Netherlands PE have bought loads of companies, then put the acquisition price as a loan on the balance sheet. Plus then sold the assets, made the company then lease those assets. Then those companies often went bankrupt as the leasing prices increased crazily.

> I would argue that moribund businesses who maintain a competitive moat but are otherwise extremely unproductive and inefficient are the real blight on society.

The companies I've cited weren't "extremely unproductive and inefficient". Businesses can be profitable and healthy without all the qualifications you think they need.