Comment by graemep

The problem is that public companies have different incentives. They take a more short term views.

Their shareholders are not in it for the long term. Investment managers tend to look at anything more than two years as "long term", and they are conscious of their position in annual league tables.

Even private equity and venture capital are usually going to be thinking about the value at which they can exit reasonably soon.

The management of the company will be thinking about bonuses and options they get between now and when they move to the next job.

A private company can often take the view that what really matters is how much they will be making in five or ten years time. Maybe even how much it will be worth when the current shareholder’s kids inherit it. The management are often either owners, or are closely monitored by the owners.