[Apocryphon]

Then sounds like their incentives are inherently not conducive to the business of running businesses built on reasonable growth, and causes them to fall prey to the groupthink of expecting unrealistic macro environments to continue indefinitely.

[mohamedattahri]

Their role is not to run businesses. Their role is to allocate capital while weathering the macroeconomic environment to create returns.

Sometimes the best way to do that is to invest in a business, other times it’s to buy other assets, and other times cash is king.

Lastly, they are only involved because the shareholders of said companies involved them. Going public is not mandatory.