Private equity has exploded while public markets have shrunk in the US – what does this mean for businesses and investors? At Stanford Graduate School of Business, JPMorgan Chase CEO Jamie Dimon engaged in a thought-provoking discussion with Interim Dean Peter DeMarzo on the rising influence of private credit, the decline of public companies, and the regulatory landscape shaping financial markets. Dimon raises a fundamental question: Is the shift towards private capital a net positive or a risk for market transparency? He delves into why companies are fleeing public markets, citing litigation, regulation, and governance complexities. He also shares insights on consumer protection, critiquing regulatory approaches while acknowledging the need for safeguards in finance. With his trademark candour, Dimon challenges assumptions about private equity’s stability and the effectiveness of current regulations.