Howard Marks describes the downside of being a public company as receiving a constant, often arbitrary, 'report card' from the market. Daily stock price movements, driven by people with limited understanding of the company's long-term strategy, create noise and pressure that private companies can avoid.

After nearly failing, OpenGov adopted a frugal culture and discovered it grew faster. Less spending reduces system noise and inefficiency. A leaner, more focused sales team, for instance, can become more motivated and effective, leading to better results.

While many private founders fear going public, David George of a16z claims he's never met a public CEO who regrets it. Key benefits include easier and often cheaper access to capital compared to private markets, increased transparency, and the discipline it instills. The narrative of public market misery is overblown for most successful companies.

Dan Sundheim argues successful private companies should avoid going public. Public market volatility means stock prices, and thus employee compensation, are driven by sentiment, not fundamental value creation. Being dramatically overvalued can be as harmful as being undervalued, as it misaligns incentives for future hires.

Amphenol's deep-rooted culture of cost discipline is more than just a financial strategy; it's a core part of its identity. This is physically embodied by its leanly-staffed, practical headquarters in a Connecticut industrial park, a stark contrast to the lavish campuses of other tech-adjacent giants.

For high-growth companies, reaching a $100M ARR milestone no longer automatically triggers IPO plans. With abundant private capital, many founders now see going public as an unnecessary burden, preferring to avoid SEC reporting and gain liquidity through private growth rounds.

Actuate Therapeutics maintains high capital efficiency by keeping its full-time headcount low. The company is built around a trusted core team and supplemented by an extensive stable of "best of breed" consultants who are engaged on an as-needed basis, minimizing overhead costs.

Early founders resist basic financial or HR controls as 'big company stuff.' However, these systems prevent avoidable, costly mistakes, much like car brakes don't just slow it down but enable it to safely travel at higher speeds, as illustrated by a former CFO.

While media often highlights the costs of being public, the valuation multiple is an overlooked benefit. A consistently growing small business can command a 20x P/E ratio, far exceeding the typical 3x cash flow multiple offered in a private equity buyout.