Part 11/13:
Despite the current trend toward privateness, market historians suggest this may be cyclical. Vibrant public markets have historically been essential for economic growth, providing a platform for capital formation, innovation, and economic mobility. As more private companies remain private longer, the public markets' role in fostering broad-based wealth and opportunity may diminish.
Yet, public markets serve vital functions beyond profit: they offer transparency, liquidity, and a level playing field for all investors, including retail participants. As pension funds and mutual funds increasingly invest in private markets, the line between private and public investing blurs, raising questions about access, fairness, and market stability.