I’m starting to think that the trend started by Sarbanes-Oxley - making it relatively harder to launch an IPO - pushed way too much financing on to private capital, which is basically run by dudes with a very similar outlook. In public markets, you can bet against a company by short-selling, and make money. I believe a lot of the current crop of VC funded companies would have withered a long time ago if they’d been submitted to the scrutiny of public markets.