Whether or not you agree with Marc, I'm always impressed at how persuasive he is and I come away with new data and new additions to my reading list. He talks a

Whether or not you agree with Marc, I'm always impressed at how persuasive he is and I come away with new data and new additions to my reading list. He talks about the drop in the number of US public companies being caused by the lack of new IPO's. It's also fueled by private equity delisting public companies, Dell being a prime example in October of last year. The benefits of staying private are not just due to the onerous regulatory requirements. Delisting has tax benefits. It also concentrates ownership and provides flexibility in executive compensation - and both of these resolve some conflicts of interest between public investors and the exec team. Staying private or going private also provides you with defensibility against takeover - one less thing for the exec team to worry about so they can get on with the job. There's also less transparency in the organization which can give you a competitive advantage.