Impunity
The inverse relationship between wealth and consequences. Corporate settlements that function as licensing fees for misconduct. Executives who walk away clean from fraud that affects millions. Wage theft that exceeds all other forms of theft combined and results in fines instead of charges. Financial crimes punished with penalties smaller than the profits they generated. At a certain threshold of money and influence, the legal system operates differently, and that difference is measurable.
Private markets have soared to $10 trillion in AUM. But why have they underperformed public markets?