Here is fund manager Dan Loeb on the paradox of being public.
Why can buyout firms take public companies private and make enormous returns, while the same type of returns seem out of reach for public companies and their shareholders? He went on to posit that private-equity firms were essentially arbitraging the public markets and “are appropriating profits that should belong to public shareholders.”
While it’s a somewhat unusual view, I don’t entirely disagree. Mind you, I also think that the idea that public companies should be able to make the kinds of ligitation-free structural changes that private companies can begs the question, “Why do things ever have to get so bad that you must make such radical changes in your organization?”