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I'm Scott Galloway and this is No Mercy, No Malice. A profound change is taking place in the capital markets.

The center of gravity is shifting from public to private money. This concentration of power will diminish competitiveness and ultimately undermine our democracy.

Private, as read by George Han.

A source of capital has morphed to a source of entertainment. A reality show minus hot people in Andy Cohen.

The charismatic carnival barkers on CNBC serve up a steady diet of SPACs, social media, and space. And would have you believe that's the center of the economic universe.

It's not. Of the 310 SPACs launched in the past three years, 10 have registered positive returns. It's a head fake, as the deeper story goes ignored.

The traditional IPO construct is in structural decline. And that's a symptom of a fundamental shift in the capital markets.

Blue Apron, the home meal kit delivery company, sold itself to a private equity firm for $103 million.

Which feels like a victory for a business that delivers cardboard boxes of chicken and kale to millennials until you realize this was its last stop on a tour that included an IPO at a valuation of $2 billion.

By the way, I predicted this six years ago.

Similarly, Instacart, which delivers chicken and kale to millennials in green plastic bags innovation, went public this month at $10 billion following a 2021 private round valuation of $39 billion.

Since then, the company has lost value almost every day, bumping against $7 billion as I write this consumer tech firms rent the runway and all birds are each down 96% from their IPOs.

Warby Parker has outperformed losing only three quarters of its value.

This follows the June IPO of Kava. It asks millennials to leave the house for chicken and kale, which raised $700 million in private funding, went public, popped to $4.7 billion and then deflated to $3.5 billion.

Audity, a firm I invested in, priced at a $2 billion valuation, ran to $2.7 billion and closed yesterday at $1.5 billion.

Better mortgage reached a private valuation of $6 billion in the private markets before its SPAC and now trades at a valuation of $123 million.

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