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Title: No Alpha Left in Public Markets

Link: https://slashdot.org/story/25/09/09/1126247/n...

Apollo Chief Economist Torsten Slok, writing in a blog post There are fewer
public companies to invest in, and firms that decide to do an IPO are getting
older and older. In 1999, the median age of IPOs was five years. In 2022, it
was eight years, and today, the median age of IPOs has increased to 14 years.
The rise in the age of companies going public is not only a result of the Fed
raising interest rates in 2022, but also the consequence of more companies
wanting to stay private for longer to avoid the burdens of being public.
Combined with the domination of passive investing, failure of active managers
and high correlation in public markets, and high concentration in a few
stocks, the reality is that there is no alpha left in public markets.

Read more of this story at Slashdot.

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