yes, you're right. i misread the title and didn't originally read the article because it was behind a paywall, but just saw the archive link and read through it now.

i think a similar dynamic happens in PE though, which is a private market, but a very large one, so not like the illiquid, opaque private markets we'd otherwise imagine. PE firms try to inflate valuations and get out while leaving others holding the bag (i.e., take the inflated risks and therefore take the eventual losses).