The best companies in America aren't unicorns. They're thoroughbreds — and they're trading on the curb. Here's what that means, why it matters, and what history tells us happens next.
Before there was the NYSE, there was the curb. In the early 1900s, brokers traded unlisted securities outside on Broad Street — stocks that were too new, too small, or too unconventional for the formal exchange. That curb market eventually became the American Stock Exchange.
Today, the best companies in America are staying private longer than ever. And a new curb market is forming — one where shareholders, investors, and institutions are finding liquidity outside of the traditional IPO path. This paper explores what that means, why it matters, and what happens next.
Why the best companies are staying private longer — and what that means for liquidity.
How a once-stigmatized corner of private markets became the fastest-growing liquidity channel.
What the original curb market of the early 1900s tells us about where private markets are headed.
Why the next phase of venture secondaries requires data and tooling — not just brokers.
Get the complete analysis on how the venture secondary market is evolving and what it means for shareholders, investors, and the companies themselves.
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