[tuna-piano]

So interesting. Seems like we now have two ways for the public to buy shares in companies. On the stock exchanges, we've made it so difficult and expensive (Sarbox and other requirements) - that many companies have chosen to delay or avoid going public. So the government passed more laws to make it easier for companies to go "public" (in a different way), and we now have another system that seems to be a real wild west.

Oh government... solving unintended consequences with more unintended consequences.

[Animats]

No, what's happened is that low interest rates have made borrowing, or investment with borrowed capital (which is what much "private equity" really is) more attractive than going public. That's why we have overvalued "unicorns". If Uber went public, they'd have a far lower market cap than their current valuation.

This also has a lot to do with the tax advantages of debt.