Private for longer: retail (and hedgies) not welcome

Retail is becoming its own worst enemy in forcing a big change in the capital markets

• smallcap indexes and the land of shitcos (and it’s a struggle out there for smidcap investors)

• skipping the minors, and going straight to megacap, but who are these ‘leapfroggers’?

• the best companies are ‘private for longer’ because they want to, not because they need to

• illiquidity premium, but for real, this time—retail is becoming its own worst enemy

• what happens next? dislocation provides opportunity for a different kind of match-making