It is important to separate the author from the ideas, regardless of whether we agree with the conclusion. The non-public market is worse for retail investors.

It is important to separate the author from the ideas, regardless of whether we agree with the conclusion. The non-public market is worse for retail investors. The 31% price premium and lack of liquidity are facts. Sox has made it a much more challenging step to go public. IPOs are down. The valuation bubble is red herring- there are always overvalued shares out there. However, Sox is contributing to a larger private market in shares which is disadvantageous to the retail investor.