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Because of late stage #VC funding, #innovation in the private markets is incredibly overvalued. In the public markets, innovation is undervalued, a void created partly by backward-looking, passive and benchmark-sensitive strategies.
Large public market asset managers contributed to this void as they have tried to capture more “alpha” by moving funds from the public equity markets to the pre IPO markets during the past five to ten years.
The valuation gaps between companies focused on the same kind of innovation in the private markets vs. public markets can be stunning: Formlabs at 10X revenues vs. #Stratsyss at 2x is a good example.
