In defense of the IPO, and how to improve it 6 years ago
the much bigger problem than pricing is timing. retail investors don't get a chance to buy in until the company is already valued at $1-$10B because institutional investors hoard all of those gains.
the other issue is VCs using public markets as a dumping grounds for shi... I mean not so great companies like blue apron or lendingclub, and leaving retail holding the bag.
software is eating the world and capitalism is eating itself. i say this as someone that has benefited from software and capitalism but also knows that the system is extremely flawed