This podcast episode provides an in-depth examination of the shifting landscape in finance, particularly focusing on the motivations behind bankers seeking upfront fees, the complexities of incorporating private assets into ETFs, the evolving nature of M&A deals driven by regulatory concerns, and the implications of these factors for market efficiency and investment strategies. It also touches on the broader impacts of liquidity mismatches and the decisions behind companies choosing to remain private, all while engaging with audience questions that spotlight the financial industry's quirks.