This is a scathing article. An open question... Is seems like the public market is not participating in the run-ups of many companies. For example, Facebook

This is a scathing article. An open question... Is seems like the public market is not participating in the run-ups of many companies. For example, Facebook grew on private money, not public. Are these run-ups just too small to move the industry needle? Are public markets benefiting or hurting by not being involved in as many IPOs?