To pursue private equity or not to? That is the multi-billion dollar question for dealmakers. And that's the question in a recent piece in the Wall Street Journal [subscription only]. As is always the case in these matters, there are major differences of opinion. There are unabashed bulls like Henry Kravis of KKR and there are bears like the Carlyle Group's David Rubenstein. Given the easy credit and the bull market, it's been fairly easy to do deals. Yet, such conditions cover up mistakes. So if history is any indication, it's only a matter of time until we see an implosion. What's more, a key reason for the recent bull run in stock prices has been the anticipation of more and more buyout deals. But, what if private equity firms pull back? What if they wait for better valuations? Basically, a fall-off could ultimately be a self-fulfilling prophesy. Funny enough, this would probably be a good thing for private equity firms -- because they will be able to once again get better valuations on their deals. Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.