Markets
The Secondary Market Becomes the Exit
Private funds promised distributions on a timetable that stopped being met. The secondary market has grown from a distressed corner into the mechanism by which investors get money back at all.
Liquidity
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Markets
The Small-Cap Research Desert Starts Showing Up in Valuations
Sell-side coverage of companies below a billion dollars has thinned to almost nothing. The consequence is not merely obscurity — it is a measurable discount that persists regardless of what the business does.