> Private companies can stick closer to that intrinsic value
It's normally the opposite. Public markets are a lot better at judging intrinsic value than a handful of VCs. Every single private company out there is either wildly over or under-valued, more so at earlier stages.
Not to mention, VC valuations have all sorts of hidden stipulations such as liquidity preferences which skew headline private valuation numbers unnecessarily high. Public markets have a full view of the cap table and can better evaluate price w/o hidden tricks.
