I find myself conflicted about secondary markets . My cautionary side wonders how these private stock sales can potentially distort incentives within companies and artificially impact valuations. The libertarian side of me, however, says all in business is fair game. Everything can be bought or sold. Everyone has a price. There’s clearly supply and demand in this market, but its effects are unclear and hard to quantify. On one hand, there’s something not-quite-right about the high wealth requirements needed to purchase shares on secondary markets, the opacity of financial information required to be disclosed within each transaction, and the indirect effects trade volatility can have on a private company’s valuation. On the other hand, if capital markets aren't ready for public offerings, especially in relatively new industries, and if founders and employees have worked long enough to have their shares vest, and if other investors are interested in owning a piece, why should the government or the company in question regulate or block the transaction?