<<With public markets you see the true mark-to-market price of things, and nobody wants that. Not institutional investors, that's for sure>>>

As you point out—Non institutional investors, too. I’m convinced if Real Estate prices were quoted by the seconds like stocks, many people would be frightened into homelessness. 4% RE CAGR with no published quotes over 10% Equity CAGR with daily moment by moment marks.

Even with stocks, Warren points out that many if not most would take a smooth 8% over a lumpy 12%.

Really the only small issue with private markets is—occasionally people want their money—they’re funny that way. And the quoted price then becomes required. This was the only issue Bernie Madoff had, too. Other than that, it’s fine.

Berkshire Hathaway FAQ

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