One would expect that a limited number of small offerings in the public markets would mean that a small company could offer itself slowly, at a small premium, t

One would expect that a limited number of small offerings in the public markets would mean that a small company could offer itself slowly, at a small premium, to main-street investors. In addition, when the private-equity holders begin to see their returns fade, they will begin to sell their holdings to the public markets. So long as the markets remain at elevated P/E ratios, the markets will pay a premium for reasonable businesses.