Apollo’s Torsten Slok argues that older IPOs, passive-fund dominance, high cross‑stock correlation, and mega‑cap concentration have left little to no alpha in public markets. He notes the median IPO age rose from five years (1999) to 14 years today, as firms stay private longer to avoid public‑market burdens. If true, returns migrate to private markets while retail investors face lower surplus after fees.
— This reframes capital formation and household investing by suggesting price discovery and excess returns now live outside public exchanges, with implications for inequality and regulation.
BeauHD
2025.09.16
74% relevant
The article describes Robinhood creating a retail‑accessible fund for private startups—an attempt to let small investors reach returns migrating from public to private markets, which aligns with the thesis that excess returns have moved outside public exchanges.
msmash
2025.09.09
100% relevant
Slok’s blog post claiming 'there is no alpha left in public markets' and citing the median IPO age shift (5→8→14 years).
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