You could also look at it this way: by the time an equity has made it to the public markets, it's been through a quality filter. Think of all the founders, seed

You could also look at it this way: by the time an equity has made it to the public markets, it's been through a quality filter. Think of all the founders, seed rounds, angels, VCs that had companies that went to zero. That does happen with public companies, but it is much rarer.