I was thinking around the same, more specifically that what they’re saying is that “in the long run companies managed to produce value for shareholders actually produce less value that companies managed to produce value for a single private owner”.
This is actually pretty consistent with what we see in many industries with both kinds of companies and a pretty daming indictment of publicly traded companies as a mechanism for increasing value creation.
I was thinking around the same, more specifically that what they’re saying is that “in the long run companies managed to produce value for shareholders actually produce less value that companies managed to produce value for a single private owner”.
This is actually pretty consistent with what we see in many industries with both kinds of companies and a pretty daming indictment of publicly traded companies as a mechanism for increasing value creation.
Note the exception to the rule is Private equity looking for a place to unload debt and need a fall guy