#特朗普取消对欧关税威胁 Retail investors are finding it increasingly difficult to achieve high returns in the stock market, and the reason may be related to companies delaying their IPOs. Research firm Citrini published an article discussing the issue of modern capital markets where companies tend to remain private for extended periods, leading to growth value being primarily captured by VC institutions, while public markets have largely become tools for liquidity exit. Below are the details.

Companies remaining private for the long term is simply nonsense.

While I personally understand the motivations behind this and do not blame the founders for doing so, such actions undermine the system that originally built these companies. Fundamentally, it is a breach of the promise that allows capitalism to operate.

The social contract in the United States has always worked quite well for capital markets.

That's right, you might work at a boring small business, or have a job that isn't particularly outstanding; you may not become extremely wealthy, nor have transformative ideas, and sometimes you might feel that this system doesn't serve you at all.