The panel notes that secondary markets are booming, with record transaction volumes and a shift from discounts to premiums, competing with IPOs as an exit route. They discuss why companies stay private, citing founders' desire to avoid public scrutiny and the ability to foster sycophancy, though public markets provide rigorous feedback. The Forge-Schwab deal is highlighted as legitimizing private equity as an asset class, with CEOs warming to the idea of giving ordinary Americans a chance to invest. The conversation covers the shift in venture capital towards selling secondary shares for exit liquidity, with Forge's new platform systematizing trading. While some private companies like SpaceX are highly valued, the panel advises retail investors to look for earlier-stage opportunities and have staying power, comparing the current cycle to the dot-com bubble but noting that underlying businesses are real. They highlight hot secondary companies like Sierra, Parlo, Revolut, and Zipline's autonomous drone delivery service.