I think the point is if early-stage growth was still part of the stock market, index funds & the like would all perform better for it. The argument is by removi

I think the point is if early-stage growth was still part of the stock market, index funds & the like would all perform better for it. The argument is by removing early-stage growth from the market & conducting it privately, the entire open market as a whole is less lucrative. Even more simply, just imagine how the market might look different if you could invest in a VC. You don't pick startups, you pick a VC- kind of like picking a fund today.