How could Uber raise more than $20B, at an impressive $60B+ valuation, without making a profit? Two reasons mostly: investors have too much capital on their hands, and IPOs have gotten scarcer.

The conversation around what is variously described as “secular stagnation” or the “global savings glut” has been fueled by prominent investors and economists as diverse as Paul KrugmanRobert GordonLarry Summers, and Marc Andreessen. It was best explained back in 2015 by Dominic Rossi, head of global equities at Fidelity…