公开市场正持续失去地位给私人基金，因此像把上市公司季度报告改成半年报、或进一步降低私人基金的披露要求，并不是好主意。美国证券交易委员会（SEC）主席 Paul Atkins 虽然想降低发行人与基金的合规成本，但文章认为，真正该强化的不是公开市场的资讯，而是私人公司的资讯揭露；只有让私人市场也更透明，才能在两者逐渐趋同的环境下维持公平竞争。

推动私人市场扩张的趋势已经很明显：美国退休资金未来可能接触私募股权与私人信贷，交易热门未上市科技公司股份的平台也在增加，英国伦敦证交所集团去年底更获准推出私人证券市场 Pisces。虽然实际参与者目前仍以富裕人士、家族办公室与机构为主，但普通投资人也越来越容易接触到 unicorn 与私人放贷，因此市场需要更多而不是更少的金融报告。

文章以即将到来的 IPO 为例，指出 SpaceX、Anthropic、OpenAI 等公司可能会暴露大量所有权争议；投资人关注的往往是估值上升，而不是营收成长、利润率或折旧率。另在私人信贷方面，Apollo Global Management Inc. 与 JPMorgan Chase & Co. 正推动更多贷款定期交易，Apollo 甚至打算为投资级企业贷款、中型买断贷款与私人资产支持债券提供每日报价。若私人股权与债务更易买卖、更多公司长期保持私有化，而公开市场与私人市场持续融合，唯一仍明显不同的就是披露制度；缺乏透明度将可能鼓励更多公司留在或转入私人市场，对投资人、市场与整体经济都不利。

Public markets are steadily losing ground to private funds, so proposals to move listed companies from quarterly to semiannual reporting, or to cut back disclosure for private funds, are the wrong response. Although SEC chair Paul Atkins wants to reduce compliance costs for issuers, the article argues that the real need is more information from private companies and the funds that own them; as public and private markets converge, fuller private-market reporting is the only sensible way to keep the playing field level.

The shift is already visible: US retirement accounts may eventually gain access to private equity and private credit, trading platforms for hot unlisted tech shares are multiplying, and the London Stock Exchange Group won approval late last year to launch Pisces, a private securities market in the UK. Access remains concentrated among the wealthy, family offices, and institutions, but ordinary investors are increasingly able to speculate on unicorns and private lending, which argues for more financial disclosure rather than less.

Upcoming IPOs, likely led by Space Exploration Technologies Corp. (SpaceX) and followed by Anthropic and OpenAI, may expose messy ownership claims, while investors may be focused more on rising valuations than on revenue growth, margins, or depreciation. In private credit, Apollo Global Management Inc. and JPMorgan Chase & Co. are pushing for more regular trading, and Apollo plans daily prices across investment-grade loans, buyout debt, and private asset-backed bonds. If private shares and debt become easier to trade and more companies stay private longer, the markets may converge in funding and trading, but disclosure will still differ; that gap could encourage more firms to hide in private markets, to the detriment of investors, markets, and the broader economy.