TIL

[timelets]

the average age of companies listed on American exchanges has been steadily rising for three decades. Now it’s 20 years, almost twice the average in 1997, during the dot-com craze.

“What’s happened in the last 20 years? It’s been essentially a dearth of IPOs and a continued drumbeat of mergers and acquisitions,” says Michael Mauboussin, director of research at BlueMountain Capital Management.

In technology, it's been much easier to raise private money than public money because the Oracle-Cisco growth model became dominant among the players.