The 2010’s stock market gains were not evenly distributed. Technology stocks, unsurprisingly were one of the biggest gainers in the past decade. Affecting seemingly every aspect of our lives today, technology: hardware, software, tech-enabled services, etc. gains scale and dominance at a pace not previously seen. As we enter a new decade, it’s worth asking what is a “tech” company and how should technology be analyzed within business models going forward.

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The financial markets changed dramatically in the previous decade. The 2010’s saw a consequential trend of “going private”. The number of publicly listed companies in the U.S. has declined precipitously, private equity’s continued popularity and changing markets dynamics have contributed to this decrease. The 2020’s will be the decade where general investors have greater access to the private markets bringing the public and private markets closer together. Digitalization and increased connectivity will change how market participants interact with the private market bringing it more in the public realm, fundamentally changing the way the financial markets operate, again.

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