"Why would you ever IPO? The only people doing it now are the ones forced to" Kain on why public markets have lost their purpose and why the world is sliding back to a 1800s style private wealth era "It is genuinely better to be illiquid. There is a premium for being illiquid. Your investors are always happy because the price always goes up. You do not have retail investors panic selling on a Tuesday" "It used to be that if you needed a billion dollars, public markets were the only place liquid enough. That is no longer true. So the entire incentive to IPO has disappeared" "You end up with giant private companies and no way for anyone to invest in them. It is a very weird situation that harkens back to the 1800s where everything was private wealth and normal people had zero access"