Great insights into why small cap has underperformed for so long. I find the argument for a cyclical rebound under the circumstances mentioned in the article convincing. The longer term underperformance of small cap public markets seems to be more systemic or structural though as more value creation occurs before companies go public. Private equity funds are getting more inventive in raising capital and creating liquidity. Only a structural change in their fortunes seems to be able to turn the underperformance of small cap public companies around in the long run.