The text highlights the growing convergence of public and private financial markets, with private funds gaining prominence. The author criticizes proposals by the SEC to reduce reporting requirements for both public and private entities, arguing that such moves increase opacity. With increasing retail investor access to private equity and credit, like Anthropic's complexities, the need for greater disclosure is paramount. The author advocates for fuller reporting in private markets to protect investors and ensure market integrity, warning that reduced transparency could harm the economy by incentivizing companies to remain private to avoid scrutiny.