Editorial companion

What stands out

Howe Ng, Chief Strategy Officer at Forge Global, takes the stage and argues what investors already feel in their bones: private markets are getting more crowded, and with that crowd comes higher valuations and a different kind of volatility. He contrasts private deals with public stocks, warns that public equities could see bumpier months ahead, and digs into the evolving Initial Public Offering (IPO) market using SpaceX (SPCX) as a recent test case. That mix matters because it pushes price discovery out of the light and into longer lockups, changing how ordinary investors chase returns.