Consider the different variables that were not CEO focus points a decade ago: Diversity policies, ESG policies and the associated costs of compliance, political activism, and activist investors. Low interest rate policy has created a double-edged sword that CEOs have used to issue mountains of low interest rate debt. The Fed’s ultra low interest rate policy has ballooned valuations to a point where there are few attractively valued assets – especially within the Technology sector – making M&A significantly less attractive than a few years ago regardless of cheap debt. Further, the FTC is making M&A more difficult under new Chair Lina Khan. CEO turnover is up over the past decade and will accelerate further over the next decade given the previously mentioned variables. In addition, CEO compensation will soar further as candidates will demand to be compensated for the headaches listed above.