&gt; In the private market, it&#x27;s usually impossible to short-sell<p>Not just that, but in the private markets, it&#x27;s usually impossible to sell at <i>all</i> unless the company decides to let you (ie, unless it&#x27;s beneficial to the company, or at least better for the company than the alternatives).<p>This fact alone strongly implies that prices will <i>always</i> inherently have an upward bias; it&#x27;s actually quite difficult to conclude otherwise.