My friend and colleague Arpit Gupta offers thoughts on the death of the stock market. He makes a number of important points, among them that:
(1) the regulatory environment has raised the cost of listing;
(3) the tax code penalizes dividends and equity investments more than raising debt;
(4) early-stage investors need IPOs and a well-functioning public stock market to make their exits;
(6) and there is a case for giving ordinary investors access to the high-growth sectors that are now shying away from the public markets.
Read the whole thing. Arpit is sympathetic to relationship finance, but he goes on to reference potential shortfalls of that approach.