I think it comes down to continuity of leadership style. A public company spends some of its attention engaging in a popularity contest on Wall St, a private co

I think it comes down to continuity of leadership style. A public company spends some of its attention engaging in a popularity contest on Wall St, a private company can focus solely and entirely on Main St. You can have the same folks, with the same obsessions, for a long time, unwilling to change the formula.