At the height of the public markets, there were roughly 8,000 publicly listed companies in the U.S. Today, there are
fewer than 4,000, as private equity and private credit have made it easier forcompanies to stay private longer by accessing capital outside thepublic markets. Fewer public companies should, in theory, make iteasier for small- and mid-cap companies to attract capital,coverage and investor interest. Instead, many are underfollowed,underowned and struggling to get credit for their performance.