In this deep dive, we explore a structural shift in global capital markets:

• In 1996, there were over 8,000 publicly traded companies in the U.S.
• Today, that number is under 4,300.
• Meanwhile, 87% of U.S. companies generating over $100 million in revenue are privately held.

If you are investing only in public markets, you may be ignoring the majority of the mid-to-large-cap economy.

This episode breaks down the mechanics, risks, and strategic implications of private markets — from venture capital to leveraged buyouts and private credit.