“There’s a reason that the private capital markets are growing. . .”

“The private capital markets like nothing better than a company that relentlessly advances knowledge from one stage to the next, as long as the advance creates value that is captured at the end point of private capital investment, the highly coveted ‘liquidity event.’ . . . There’s a reason that the private capital markets are growing much more quickly than the public capital markets. Private capital embraces knowledge advance, while public capital—knowingly or unknowingly—discourages it.”

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“There’s a reason that the private capital markets are growing. . .”

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