I wasn't talking about mom and pop businesses. There are many large private companies which are owned by families or individuals. One thing these companies can

I wasn't talking about mom and pop businesses. There are many large private companies which are owned by families or individuals. One thing these companies can do which public companies can't is to think longer term and ignore the pressure of quarterly reporting and institutional investors. We can't stereotype all medium and large private businesses as doing the bidding of private equity investment companies.