I really hope the private equity markets stay restricted to accredited investors and other people who normally operate in them, and remain inaccessible to average investors.
Non-public companies are often bad investments for ordinary people, most startups fail, ICOs are sometimes outright scams, etc.
The crazy behavior ordinary people engaged in during the dot-com boom was harmful to themselves and the market, and in some ways the reduction of IPOs is good because it helps prevent that kind of behavior from happening as much as it did then.
It's more for de-risking startup employees. Having an option is the best way to generate wealth. That option though comes with trouble if you leave early and there is no liquidity event. With IPOs now taking 10+ years you have a lot of folks who are stuck, not to mention at the mercy of management. For the common man, it becomes difficult to get in early for the second wave of growth if IPOs are delayed. Having investments only run through a 401k imposes this arbitrary middle management tax. ICOs are an interesting opportunity in that you can completely bypass the stock market and the stock registry. You can even bypass the merchant banks. There should be a way to get into companies early.. at the moment everyone goes all in on real estate speculation, which makes no sense. It's better to focus growth in companies..
Non-public companies are often bad investments for ordinary people, most startups fail, ICOs are sometimes outright scams, etc.
The crazy behavior ordinary people engaged in during the dot-com boom was harmful to themselves and the market, and in some ways the reduction of IPOs is good because it helps prevent that kind of behavior from happening as much as it did then.