Has the investable universe actually shrunk?

It used to be simple: small companies went public, grew, and investors participated along the way. Today, companies stay private longer, and private markets have claimed many opportunities that once lived in public stocks. Historically a source of some of the strongest market returns, small caps have shred that reputation. The question becomes: Where did the small caps go? Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.