[chii]

> large, profitable startups have grown into long term private companies with no need to go public

which i think is a real problem - it prevents "mom and dad" investors from partaking in the wealth creation process, as they are not sophisticated investors and thus barred from being able to invest in these PE investments.

Public listing has become a cashing out operation, rather than a fund-raising operation, if this continues to happen more and more. And the public becomes the bag holders.