> Do you think losing the equity portion of the investment means no risk? It's not fully debt financed.

To quote the bandana-clad bard of Venice, CA, Mike Muir: "it's the difference between a Porsche and a Rolls Royce".

If you're playing the LBO game at the level where you're looking at buying up chunks of a community's essential services, you are unlikely to be doing business in a way that presents meaningful risk to your personal financial situation.

You don't have to take meaningful risk to your personal financial situation for an investment to be risky. The CEO of Coca-Cola also takes no meaningful risk to their personal situation. Should we forbid CEO roles?