You’re completely ignoring the capital markets differences between public and private assets. Companies require capital to operate, capital has a cost, the cost

You’re completely ignoring the capital markets differences between public and private assets. Companies require capital to operate, capital has a cost, the cost is different depending on which capital market you fundraise from. The size of these markets are different, their demands on returns and time horizons are different. This provides a much better variety of capital choices for companies searching for capital. If only the public equity market existed, the capital market would be very inefficient. This is microeconomics 101, increase choice/variety to most efficiently meet demand without creating deadweight loss.