Stocks are up but so is anxiety about the future. Find out why in the next Axios AM.


Why young companies aren't going public

The floor of the New York Stock Exchange. Photo: Richard Drew/AP

"Increasingly, odds are stacked against individual investors, as private-equity outfits get a bigger share of a younger company's growth," Barron's reports:

  • What's new: "[A] growing pile of private capital is available to young companies, forestalling their need to sell shares to the public."
  • "Growth stocks still exist, but the average publicly traded company is older, larger and slower growing compared with 30 years ago — and particularly with those available now to private-capital investors, whether venture capital or buyout funds."
  • Why it matters: "[P]ublic investors can't tap the full breadth of opportunities historically available. ... [T]he ground floor is closing to the public. ... 'In this smaller universe of options, investors are missing out on companies earlier in their life cycle.'"