The theatrics of equity markets can easily distract from their tendency to shrink in recent history. The number of publicly traded US companies has fallen from 8,090 in 1996 to 4,397 in 2018, according to figures recently cited by Aberdeen Standard Investments. To make matters worse, the number of companies coming to market is also down.
With some industries needing less growth capital and businesses wishing to avoid the burdens of a public listing, it is no surprise that more companies are instead seeking private funding. But all of this means that investors have to look beyond public equities if they want exposure to some of the world's most exciting growth stories.
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