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The landscape of public markets in the US has undergone a profound change over the past 30 years with a significant reduction in the number of publicly traded equities.
This has been driven by many factors including the rise of globalization, the changing costs and burdens of initiating/maintaining public listings, more sophisticated capital markets, and even low cost of trading for investors among other factors. However, one of the most important changes that has fundamentally shifted the way companies view the appeal of listing publicly has been the rise of private equity and the commensurate shift of companies out of the public market.
Taken as a whole, the companies listed on public exchanges today have very different investment characteristics than they did in the past. That change has a real impact on long-term investor portfolio performance. All investors need to understand this and adjust expected returns in the public market while acknowledging that perhaps the only way to achieve the levels of long term returns historically associated with public equities is to incorporate private equity into their portfolios.
- A 35% decline in public companies.
- A surge to $8 trillion in private equity.
- A structural shift most portfolios haven’t priced in.
This isn’t a cycle – it’s a transformation. And it could redefine expected returns for decades.
Discover the hidden forces reshaping markets. Read the full whitepaper to understand how changing public markets could affect portfolio strategy – and what investors should consider going forward.

About Bank OZK
Bank OZK (Nasdaq: OZK) is a regional bank providing innovative financial solutions delivered by expert bankers with a relentless pursuit of excellence. Established in 1903, Bank OZK conducts banking operations in over 260 offices in nine states including Arkansas, Georgia, Florida, North Carolina, Texas, Tennessee, New York, California and Mississippi and had $41.6 billion in total assets as of September 30, 2025. For more information, visit ozk.com.
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