John Toomey covers diversification keys and how the practice has changed over time. He argues public markets have narrowed, with gains coming from a small share of companies, while private markets have ballooned. He discusses how private market access has expanded for 401(k) accounts and the opportunities for investors. John thinks the current system is “fundamentally wrong” by blocking retail investors out of private markets and thinks the discussion should be around “how do we do this in a responsible way?”