Public stock markets aretoosmall. The lack of companies with publicly-tradedshares creates manyproblems.Ifpublicly-traded shares are scarce, valuationsare higher and thereisanincreased risk of bubbles. The lack of companieswith publicly-traded shares can increase financial inequality,because retail in-vestors are excluded from privatestock markets.Itcan alsomake itmore difficultto fund futurepe…