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It is not the job of the government to encourage investors to invest in heretofore private companies.
Regarding F. William McNabb III and Ronald P. O’Hanley’s “The SEC Has Ways to Stop the Slide in Public Offerings” (op-ed, Sept. 13): Perhaps we should have a better understanding of the cause of the problem. Private equity markets are awash in cash. Investors are throwing money at pre-IPO unicorns. Second, unicorns are, on the whole, internet companies that carry no inventory and negligible receivables. This enables them to grow using internally generated funds without seeking outside capital. The slide in public offerings, in other words, may reflect the reality that the stock market is no longer needed in the new economy....