It’s a great day at What I’m Hearing HQ when a monolithic private equity firm can extract billions of dollars in value from an investment in Meryl Streep. You think I’m joking, but Hollywood sort of doesn’t work unless money—both dumb and smart—continues to be attracted to a business that often makes zero sense. For every Megan Ellison, whose Annapurna lost so much of her father Larry’s money that he basically called the lawyer Skip Brittenham and staged an intervention, there needs to be a Kevin Ulrich, who pumped billions of his Anchorage Capital money into MGM, stuck around for years, and finally flipped the whole troubled studio to Amazon and made his firm $2 billion in profit.