What's the "absolute view"? This is identifying a trend. Since it's a trend that has implications for social inequality, it's worth paying attention to and deciding whether any changes should be made to address it.
You're looking at historical data to infer the future. If it was so simple you could predict tomorrow's lottery our stock movements.
In reality, circumstances have changed and there little incentive to go public, there's fixed costs and public scrutiny from unsophisticated investor and bystanders. Now is not the same as previous dip.
