https://minutesof.com/bill-gurley/on/ipo-market/ Everything Bill Gurley has said on IPO market: 154 verbatim quotes between October 2010 and July 2026, each with a timestamp and a link to the recording… en Sun, 30 Aug 2026 16:21:58 +0000 https://minutesof.com/q/02dd2c0f-8caf-4c67-8163-de90100d86ec/ https://minutesof.com/q/02dd2c0f-8caf-4c67-8163-de90100d86ec/ “You know, I've always thought of Wall Street as the buyer of the product that venture capitalists create.” — The Knowledge Project Podcast Tue, 09 Jun 2026 10:00:30 +0000 ipo market https://minutesof.com/q/b5a85579-edb6-4b01-9b23-cada5d511bed/ https://minutesof.com/q/b5a85579-edb6-4b01-9b23-cada5d511bed/ “the number of public companies that exist in The US today is less than half what the peak was. And companies just aren't going public. And I think it's a big problem.” — Bill Gurley Fri, 15 May 2026 23:32:47 +0000 ipo market https://minutesof.com/q/b58c16b4-2bd0-432e-bb8f-1599e32ed42b/ https://minutesof.com/q/b58c16b4-2bd0-432e-bb8f-1599e32ed42b/ “And the world wants to do more M and A in the 20,000,000 to $100,000,000 tuck in range than they want to do billion dollar exits.” — Forbes Tue, 21 Apr 2026 23:11:11 +0000 ipo market https://minutesof.com/q/4621ef8d-4c8c-4db3-a833-4195ae0036db/ https://minutesof.com/q/4621ef8d-4c8c-4db3-a833-4195ae0036db/ “In the .com period, if you had 1,000,000 a month a million a month in revenue, you went public. Here, the exact opposite.” — Metis Strategy Fri, 10 Apr 2026 07:00:00 +0000 ipo market https://minutesof.com/q/6aef2f58-4a02-45d1-9f67-49e991467942/ https://minutesof.com/q/6aef2f58-4a02-45d1-9f67-49e991467942/ “Today, every company that is being identified as a winner is ingesting 400 or $500,000,000 minimum before they even think about going public, if they're ever gonna think about that.” — Prof G Markets Fri, 27 Mar 2026 11:00:44 +0000 ipo market https://minutesof.com/q/cec4ec45-01c9-4ca8-9a67-910b58d8f18e/ https://minutesof.com/q/cec4ec45-01c9-4ca8-9a67-910b58d8f18e/ “So the number of public companies in The US is less than half of peak. And so we've really had a fall off in the number of companies that are actually public.” — Prof G Markets Fri, 27 Mar 2026 11:00:44 +0000 ipo market https://minutesof.com/q/6fbe8217-d77e-4c3f-9c9c-21b954c18e5a/ https://minutesof.com/q/6fbe8217-d77e-4c3f-9c9c-21b954c18e5a/ “I would say the late stage funds have come up with a pretty clever premise, which is if they can intercept those growth years that used to be in the public markets and keep it for themselves in an oligopic kind of way.” — Prof G Markets Fri, 27 Mar 2026 11:00:44 +0000 ipo market https://minutesof.com/q/f530cbe5-4d14-4798-9942-63d7a47e93fe/ https://minutesof.com/q/f530cbe5-4d14-4798-9942-63d7a47e93fe/ “And so if you've raised in these days of these AI rounds, if you raise 500,000,000, Lake Common doesn't even participate until you get a sale over that, technically.” — Chris Williamson Sat, 14 Mar 2026 15:00:16 +0000 ipo market https://minutesof.com/q/6a5f3f7b-3269-4581-b7f4-64d1c31737cb/ https://minutesof.com/q/6a5f3f7b-3269-4581-b7f4-64d1c31737cb/ “And one of the things that they've decided to do is to approach the companies, the best in class companies, and offer them money to stay private” — Brew Markets Fri, 27 Feb 2026 20:28:10 +0000 ipo market https://minutesof.com/q/0780dd00-dc2f-4fe8-a79c-13c49036a66b/ https://minutesof.com/q/0780dd00-dc2f-4fe8-a79c-13c49036a66b/ “And so, you know, companies like Stripe and Databricks, you know, people thought they were going to go public five or six years ago.” — Brew Markets Fri, 27 Feb 2026 20:28:10 +0000 ipo market https://minutesof.com/q/634d2f2e-c752-4b65-8f72-e0eb7b468a28/ https://minutesof.com/q/634d2f2e-c752-4b65-8f72-e0eb7b468a28/ “And those funds that do that turn around and tell the LPs these are the foundations and the endowments that invest in these type of things. You know, these companies aren't going public anymore.” — Brew Markets Fri, 27 Feb 2026 20:28:10 +0000 ipo market https://minutesof.com/q/98bb7ed5-e319-49d0-8616-723e71624c85/ https://minutesof.com/q/98bb7ed5-e319-49d0-8616-723e71624c85/ “So if you ask any first year comp sci student and first year finance student to write a model of how an IPO should work, you would allow everyone to bid and you would award the shares to the highest bidder. It's just not like, it's not, it should just be tautological.” — Brew Markets Fri, 27 Feb 2026 20:28:10 +0000 ipo market https://minutesof.com/q/67c8c5c8-b48a-46b3-a440-d13eba3c321e/ https://minutesof.com/q/67c8c5c8-b48a-46b3-a440-d13eba3c321e/ “if you ask any first year comp sci student and first year finance student to write a model of how an IPO should work, you would allow everyone to bid and you would award the shares to the highest bidder. It's just not like, it's not, it should just be tautological.” — Brew Markets Fri, 27 Feb 2026 20:28:10 +0000 ipo market https://minutesof.com/q/fc370fe8-5fec-4cf4-afd1-14c8335032f9/ https://minutesof.com/q/fc370fe8-5fec-4cf4-afd1-14c8335032f9/ “It's just not like, it's not, it should just be tautological. Like I don't know why there would be any debate.” — Brew Markets Fri, 27 Feb 2026 20:28:10 +0000 ipo market https://minutesof.com/q/803966fe-41dd-4bd0-b690-1b8da3d43d6c/ https://minutesof.com/q/803966fe-41dd-4bd0-b690-1b8da3d43d6c/ “And by the way, that's how every bond is priced. And that's by the way, how all the initial coin offerings work in the crypto world. It's just what you would do.” — Brew Markets Fri, 27 Feb 2026 20:28:10 +0000 ipo market https://minutesof.com/q/5e367992-f39c-4964-b97f-e9bc6790e19a/ https://minutesof.com/q/5e367992-f39c-4964-b97f-e9bc6790e19a/ “Why would you have a handpicked price when we know how to match supply and demand? And then they really only offer it to their top clients, which is just nutty.” — Brew Markets Fri, 27 Feb 2026 20:28:10 +0000 ipo market https://minutesof.com/q/17cf0633-abdf-43ea-97de-94b6e5dbf841/ https://minutesof.com/q/17cf0633-abdf-43ea-97de-94b6e5dbf841/ “They were dragged into direct listings. I would I would say because I spent a ton of time with them, both the Nasdaq and the NYSE were pushing to get these things across the line,” — Brew Markets Fri, 27 Feb 2026 20:28:10 +0000 ipo market https://minutesof.com/q/d2c0ae16-a5df-4de8-8d4c-94808e207ac5/ https://minutesof.com/q/d2c0ae16-a5df-4de8-8d4c-94808e207ac5/ “It's very common to see all three of the big banks on the cover. And so it's really become a oligopoly of sorts.” — Brew Markets Fri, 27 Feb 2026 20:28:10 +0000 ipo market https://minutesof.com/q/c7bf87f2-a024-4f3a-9a5c-99506143e0c5/ https://minutesof.com/q/c7bf87f2-a024-4f3a-9a5c-99506143e0c5/ “There is a reality where a modern venture capitalist does not want to take a meeting, uninterested in anything on AI.” — Young and Profiting Mon, 23 Feb 2026 11:01:05 +0000 ipo market https://minutesof.com/q/ae60960c-a694-44bf-b8d8-4994eeaf7e61/ https://minutesof.com/q/ae60960c-a694-44bf-b8d8-4994eeaf7e61/ “Someone thinks you're doing well and knocked on the door and is force feeding you money. And that is currently the way things happen.” — Young and Profiting Mon, 23 Feb 2026 11:01:05 +0000 ipo market https://minutesof.com/q/9b75fa0d-8ad6-42ba-a235-20a9aafeaf1b/ https://minutesof.com/q/9b75fa0d-8ad6-42ba-a235-20a9aafeaf1b/ “The way that an IPO's price is so god awful stupid. They pick who gets the stock and they pick the price.” — Tim Ferriss Wed, 17 Dec 2025 16:45:52 +0000 ipo market https://minutesof.com/q/435fcf1d-9e85-4c0e-80ef-c12c60eb6a14/ https://minutesof.com/q/435fcf1d-9e85-4c0e-80ef-c12c60eb6a14/ “And I've said it over and over again, but a freshman comp size student and a freshman finance student, if you told them to design the IPO, they would just match supply and demand anonymously.” — Tim Ferriss Wed, 17 Dec 2025 16:45:52 +0000 ipo market https://minutesof.com/q/05c37d37-9d45-4449-8606-7b6a50208eec/ https://minutesof.com/q/05c37d37-9d45-4449-8606-7b6a50208eec/ “It needs to be a public company. The idea that we're going to have trillion dollar companies and the only people who get to participate are the people sitting around this table, right?” — BG2 Pod Fri, 20 Jun 2025 00:11:39 +0000 ipo market https://minutesof.com/q/1e85c64f-5ef4-439f-b274-18b9c4f13a82/ https://minutesof.com/q/1e85c64f-5ef4-439f-b274-18b9c4f13a82/ “So these are a thousand private companies that have raised money over a billion dollars. And Chad GBD told me it was $12.50. NBCA says 900.” — Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 ipo market https://minutesof.com/q/782d9571-591b-41a4-965c-b7c40c476f53/ https://minutesof.com/q/782d9571-591b-41a4-965c-b7c40c476f53/ “No one has an incentive to get the marks right. For those that don't know this world, private investing, both on the PE side and the VC side is this weird world where the GPs, the people responsible for the investments, report the price to the LPs.” — Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 ipo market https://minutesof.com/q/fdddccba-e097-4aff-ba4f-835e995a1d5a/ https://minutesof.com/q/fdddccba-e097-4aff-ba4f-835e995a1d5a/ “If you look at last year, 2024, the Nasdaq was up 30% and the window was closed. That seems to be the general belief of everyone out there.” — Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 ipo market https://minutesof.com/q/222b59f6-f047-4def-9148-3487a08d0234/ https://minutesof.com/q/222b59f6-f047-4def-9148-3487a08d0234/ “I believe a part of it I've been very passionate about is the IPO discount that the banks force upon the market, especially the well known high branded ones.” — Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 ipo market https://minutesof.com/q/e3a13ed2-090a-4a54-898c-8085c3384944/ https://minutesof.com/q/e3a13ed2-090a-4a54-898c-8085c3384944/ “I had my friend Jay Ritter rerun the data. Is there up 25, 26% underpricing? You add in the 7% fee and you're like a 33% cost of capital.” — Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 ipo market https://minutesof.com/q/5ab8ce92-74cf-4b5c-bfee-66913e77d5c0/ https://minutesof.com/q/5ab8ce92-74cf-4b5c-bfee-66913e77d5c0/ “Jay Ritter rerun the data. Is there up 25, 26% underpricing? You add in the 7% fee and you're like a 33% cost of capital.” — Invest Like the Best Tue, 10 Jun 2025 08:00:00 +0000 ipo market https://minutesof.com/q/da209ba2-0265-4fbe-8e68-e23dd54d8d0e/ https://minutesof.com/q/da209ba2-0265-4fbe-8e68-e23dd54d8d0e/ “one of the things they're doing is they're supporting massive founder liquidity and employee liquidity. And so that's happening at Stripe, that's happening.” — McCombs School of Business Fri, 24 Jan 2025 00:57:51 +0000 ipo market https://minutesof.com/q/9a1f0cc4-ed1c-4f16-b81d-d9460343414c/ https://minutesof.com/q/9a1f0cc4-ed1c-4f16-b81d-d9460343414c/ “If you're private at a 100,000,000 revenue with a 10% growth rate, it's not like you're better off. Like like, you're just fooling yourself.” — Bg2 Pod Mon, 06 Jan 2025 21:47:42 +0000 ipo market https://minutesof.com/q/ca64b827-0916-439e-8df3-f698daf3e82a/ https://minutesof.com/q/ca64b827-0916-439e-8df3-f698daf3e82a/ “I think you're gonna, until this change, I think you're gonna have very few companies that are considered to be doing well that aren't asked by the industry to raise $500,000,000 or more.” — BG2 Pod Wed, 25 Sep 2024 16:21:38 +0000 ipo market https://minutesof.com/q/9f3a9495-ebc4-4847-a836-b0191ffa24d7/ https://minutesof.com/q/9f3a9495-ebc4-4847-a836-b0191ffa24d7/ “I don't like the idea that you could have a company that could theoretically go to a trillion dollars in enterprise value, could theoretically develop AGI, and a retail investor never has a shot to invest in that company. I just don't think that's good for the structure of our markets.” — BG2 Pod Sat, 22 Jun 2024 17:50:33 +0000 ipo market https://minutesof.com/q/182ca37e-9d3e-4dbe-a6f7-5f66cd06a02a/ https://minutesof.com/q/182ca37e-9d3e-4dbe-a6f7-5f66cd06a02a/ “the number of public companies has shrunk dramatically. And Michael's written about this, but we've gone, I think, almost half. Is that right, Michael?” — Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 ipo market https://minutesof.com/q/7a9dc4a7-07e2-4aa6-b0db-f5f89af71061/ https://minutesof.com/q/7a9dc4a7-07e2-4aa6-b0db-f5f89af71061/ “I personally don't think it's healthy because a minute that happens and everyone realizes that there's less companies going public and companies staying private longer, then the SEC, I think in a well intentioned way goes, oh my god. The average investor's missing out on this asset class.” — Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 ipo market https://minutesof.com/q/26b239e6-257a-4921-9804-5795b26b9225/ https://minutesof.com/q/26b239e6-257a-4921-9804-5795b26b9225/ “But what they wanna do to fix it is then some kinda institutionalized investing in private companies, which I think will fail massively.” — Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 ipo market https://minutesof.com/q/d8e48916-e6bf-4e12-8ada-a9ddba5ab7a6/ https://minutesof.com/q/d8e48916-e6bf-4e12-8ada-a9ddba5ab7a6/ “Anyone can start a company that can go public. If you have to get to a billion in revenue, it's just it's a totally different game.” — Invest Like the Best Tue, 23 Apr 2024 08:00:00 +0000 ipo market https://minutesof.com/q/f75bb273-65b5-4aec-b915-c3fb1cdb951a/ https://minutesof.com/q/f75bb273-65b5-4aec-b915-c3fb1cdb951a/ “I found some data which we can put up, like the vast majority of IPOs are being underwritten by like four or five firms.” — BG2 Pod Thu, 18 Apr 2024 17:23:12 +0000 ipo market https://minutesof.com/q/2cde2a46-1886-4b87-8e6f-73d356f2eee2/ https://minutesof.com/q/2cde2a46-1886-4b87-8e6f-73d356f2eee2/ “I actually I actually think we'll probably see someone a smaller company with a courageous founder step through the window. Like, I don't think we don't have to wait around for Stripe.” — Bg2 Pod Thu, 25 Jan 2024 16:05:50 +0000 ipo market https://minutesof.com/q/159bc233-8525-4df2-816c-c58371cc0c0b/ https://minutesof.com/q/159bc233-8525-4df2-816c-c58371cc0c0b/ “Like, it just happened. There was massive multiple contraction writ large across the industry, and the companies have to navigate it.” — CNBC Television Mon, 11 Sep 2023 16:11:42 +0000 ipo market https://minutesof.com/q/47b38120-190c-467c-b869-6eb62b0e8844/ https://minutesof.com/q/47b38120-190c-467c-b869-6eb62b0e8844/ “it's very difficult because these private company capitalization charts have stacks and stacks of liquidation preference, and it's when you have that acute of a correction, it's very hard to make this transition.” — CNBC Television Mon, 11 Sep 2023 16:11:42 +0000 ipo market https://minutesof.com/q/29702fdd-0208-4747-97f2-21f72e22ede1/ https://minutesof.com/q/29702fdd-0208-4747-97f2-21f72e22ede1/ “these private company capitalization charts have stacks and stacks of liquidation preference, and it's when you have that acute of a correction, it's very hard to make this transition.” — CNBC Television Mon, 11 Sep 2023 16:11:42 +0000 ipo market https://minutesof.com/q/d03e72b3-98e7-4d93-9d6e-e0087640b5c6/ https://minutesof.com/q/d03e72b3-98e7-4d93-9d6e-e0087640b5c6/ “And that's one of the reasons why the IPO market's been slow to get going because people have to get come to terms with all these things.” — CNBC Television Mon, 11 Sep 2023 16:11:42 +0000 ipo market https://minutesof.com/q/38bbf970-6ee5-4084-b2ad-3d1874d22bbb/ https://minutesof.com/q/38bbf970-6ee5-4084-b2ad-3d1874d22bbb/ “these this valuation disparity that they just talked about is a real issue, and it takes a while for people to come around. Like, they've been told, you're worth this.” — CNBC Television Mon, 11 Sep 2023 16:11:42 +0000 ipo market https://minutesof.com/q/2327f1f9-9950-44f8-bed6-58d92ee9dfce/ https://minutesof.com/q/2327f1f9-9950-44f8-bed6-58d92ee9dfce/ “All the entrepreneurs that followed Jeff that wrote that letter were kind of like, screw you, Wall Street. I'm going to run it my own way.” — Bloomberg Originals Fri, 21 Jul 2023 01:00:14 +0000 ipo market https://minutesof.com/q/2104d574-1ccc-4cf1-b5f6-ad86fdff8778/ https://minutesof.com/q/2104d574-1ccc-4cf1-b5f6-ad86fdff8778/ “Right? And so in really dark times, the percentage of companies IPOing their profitable is like 90. But by 2020, 2021, that number is 5%.” — Tim Ferriss Thu, 26 Jan 2023 19:45:00 +0000 ipo market https://minutesof.com/q/96c4676b-42ca-4cb3-9b36-0a4d47a8a256/ https://minutesof.com/q/96c4676b-42ca-4cb3-9b36-0a4d47a8a256/ “the legacy IPO process has devolved into this process where a huge one day gains are transferred from the investment banks to their trading clients.” — CNBC Television Tue, 28 Sep 2021 12:18:07 +0000 ipo market https://minutesof.com/q/0a8ea9f2-d725-47ea-ac40-ca1c61dc6fcc/ https://minutesof.com/q/0a8ea9f2-d725-47ea-ac40-ca1c61dc6fcc/ “And that number's 200,000,000,000 over the past forty years, 30,000,000,000 just last year. So it's actually gotten worse.” — CNBC Television Tue, 28 Sep 2021 12:18:07 +0000 ipo market https://minutesof.com/q/77590e77-8d48-46c9-a7f2-620491d6e9d8/ https://minutesof.com/q/77590e77-8d48-46c9-a7f2-620491d6e9d8/ “You can actually use supply and demand to determine price and allocation. And that's what the direct listing does. That's how every bond is priced.” — CNBC Television Tue, 28 Sep 2021 12:18:07 +0000 ipo market https://minutesof.com/q/4c235011-66fc-469c-85a4-927566a6d454/ https://minutesof.com/q/4c235011-66fc-469c-85a4-927566a6d454/ “So last year in 2020, the average IPO was underpriced by 50%. If you add in a 7% fee on the investment bank, that's a 57% cost of capital.” — CNBC Television Tue, 28 Sep 2021 12:18:07 +0000 ipo market https://minutesof.com/q/539a38f3-e766-4f36-978a-3331b91ceb23/ https://minutesof.com/q/539a38f3-e766-4f36-978a-3331b91ceb23/ “last year in 2020, the average IPO was underpriced by 50%. If you add in a 7% fee on the investment bank, that's a 57% cost of capital.” — CNBC Television Tue, 28 Sep 2021 12:18:07 +0000 ipo market https://minutesof.com/q/38c7a84f-d991-45c8-a2a3-dc1c45d4cbcd/ https://minutesof.com/q/38c7a84f-d991-45c8-a2a3-dc1c45d4cbcd/ “Find me any professor, any finance professor. We're a company that's got the possibility of going public, so it's highly legitimate.” — CNBC Television Tue, 28 Sep 2021 12:18:07 +0000 ipo market https://minutesof.com/q/dca13555-75c7-4617-a304-00d7cd4fe2fb/ https://minutesof.com/q/dca13555-75c7-4617-a304-00d7cd4fe2fb/ “Jay Ritter put out some data at the end of August that you guys probably saw where he analyzed all the companies that have chosen the direct listing path and they've wildly outperformed their IPO peers,” — CNBC Television Tue, 28 Sep 2021 12:18:07 +0000 ipo market https://minutesof.com/q/ba0e1c79-fc7a-4b3c-a70c-291cb4d8c6f2/ https://minutesof.com/q/ba0e1c79-fc7a-4b3c-a70c-291cb4d8c6f2/ “So if you look at the Robinhood filings, they make about 4x the amount of revenue on a option trade than they do a stock trade.” — Bloomberg Tech Wed, 25 Aug 2021 23:40:05 +0000 ipo market https://minutesof.com/q/8fef8dd8-1b0d-4bae-9b7b-6131e7e8682d/ https://minutesof.com/q/8fef8dd8-1b0d-4bae-9b7b-6131e7e8682d/ “they make about 4x the amount of revenue on a option trade than they do a stock trade. Why do I bring this up?” — Bloomberg Tech Wed, 25 Aug 2021 23:40:05 +0000 ipo market https://minutesof.com/q/98a81965-4579-4224-bbf8-c90f072e0373/ https://minutesof.com/q/98a81965-4579-4224-bbf8-c90f072e0373/ “Add into that a roaring, screaming public market that's been on a bull run for, what, twelve years? And multiples in the public markets, especially in, the SaaS world that are out of this world.” — Axios Wed, 18 Aug 2021 17:10:45 +0000 ipo market https://minutesof.com/q/ee18b10c-9901-4905-a82a-261d4a0aaf38/ https://minutesof.com/q/ee18b10c-9901-4905-a82a-261d4a0aaf38/ “And it's gotten worse, actually, over the past twenty or thirty years. The process itself has gotten more mundane.” — Axios Wed, 18 Aug 2021 17:10:45 +0000 ipo market https://minutesof.com/q/3ffd4ca4-02e8-4842-a747-265e84b0b63f/ https://minutesof.com/q/3ffd4ca4-02e8-4842-a747-265e84b0b63f/ “Yeah, there've been eight high profile ones. Seven of them interestingly are trading above that first match that they did, which is really astounding.” — Axios Wed, 18 Aug 2021 17:10:45 +0000 ipo market https://minutesof.com/q/1a530a10-6ad2-48e2-896b-608ebb992b1c/ https://minutesof.com/q/1a530a10-6ad2-48e2-896b-608ebb992b1c/ “Interestingly, you know, as a side note, Japan's antitrust department just launched an investigation into standard IPO practices and these types of conflicts.” — Axios Wed, 18 Aug 2021 17:10:45 +0000 ipo market https://minutesof.com/q/079d9ef0-77b6-4d30-b1da-ab00eae303cf/ https://minutesof.com/q/079d9ef0-77b6-4d30-b1da-ab00eae303cf/ “In 2020, the average IPO was underpriced by 50%. You go to any finance school, they tell you you should care about the cost of capital. They teach you about weighted average cost of capital.” — Axios Wed, 18 Aug 2021 17:10:45 +0000 ipo market https://minutesof.com/q/e6b340fd-8b45-462b-afe0-e0f68cdfef6d/ https://minutesof.com/q/e6b340fd-8b45-462b-afe0-e0f68cdfef6d/ “But, you know, it appears to me that the thing is gonna, is either gonna slow down or they're gonna step in and do those types of changes you're talking about.” — Axios Wed, 18 Aug 2021 17:10:45 +0000 ipo market https://minutesof.com/q/78170419-d2e3-4bdd-bd2d-9c0e78acb86c/ https://minutesof.com/q/78170419-d2e3-4bdd-bd2d-9c0e78acb86c/ “I wonder I and I don't have any data to back this up, but I wonder if part of what's going on is that the Chinese government wants to make sure that though that wealth is actually kept inside of China, taxed appropriately, and then able to be regenerative in that market.” — CNBC Television Fri, 09 Jul 2021 16:31:30 +0000 ipo market https://minutesof.com/q/8b5c59af-c95e-47dc-b958-d172b8af4193/ https://minutesof.com/q/8b5c59af-c95e-47dc-b958-d172b8af4193/ “I wonder if part of what's going on is that the Chinese government wants to make sure that though that wealth is actually kept inside of China, taxed appropriately, and then able to be regenerative in that market.” — CNBC Television Fri, 09 Jul 2021 16:31:30 +0000 ipo market https://minutesof.com/q/ccf2dac6-22bd-40fd-8701-5b455822241d/ https://minutesof.com/q/ccf2dac6-22bd-40fd-8701-5b455822241d/ “I think to the extent that we can effectively integrate raising primary capital with the direct listing, no one would choose a traditional IPO process anymore because it's gotten perversely worse in 2020, the average IPO was underpriced by 50%.” — CNBC Television Wed, 12 May 2021 16:26:01 +0000 ipo market https://minutesof.com/q/a36419d9-05f5-43b4-95ac-7f9cde9b6a9e/ https://minutesof.com/q/a36419d9-05f5-43b4-95ac-7f9cde9b6a9e/ “There will be people that will fight it from a regulatory standpoint. And quite frankly, Brad, they're fighting the SPACs from a regulatory standpoint.” — CNBC Television Wed, 12 May 2021 16:26:01 +0000 ipo market https://minutesof.com/q/83577fbc-53ee-4db3-9aff-92429d9038df/ https://minutesof.com/q/83577fbc-53ee-4db3-9aff-92429d9038df/ “under first day under pricing in 2,016, 2,000,000,000. 17, 4,000,000,000. 18, 7,000,000,000. 19, 9,000,000,000. Last year, 30,000,000,000. So the problem's getting ginormously worse.” — Bloomberg Tech Sat, 06 Feb 2021 00:47:45 +0000 ipo market https://minutesof.com/q/0e3bab41-bfa3-4e89-92a6-cf4d2d4bc106/ https://minutesof.com/q/0e3bab41-bfa3-4e89-92a6-cf4d2d4bc106/ “under first day under pricing in 2,016, 2,000,000,000. 17, 4,000,000,000. 18, 7,000,000,000. 19, 9,000,000,000. Last year, 30,000,000,000.” — Bloomberg Tech Sat, 06 Feb 2021 00:47:45 +0000 ipo market https://minutesof.com/q/0973cec8-f7c8-442d-acd4-904e11fdafcc/ https://minutesof.com/q/0973cec8-f7c8-442d-acd4-904e11fdafcc/ “Last year, 30,000,000,000. So the problem's getting ginormously worse. And then yesterday, on the Hong Kong exchange, Kuaishou, $5,000,000,000 deal, $9,000,000,000 underpricing on one deal.” — Bloomberg Tech Sat, 06 Feb 2021 00:47:45 +0000 ipo market https://minutesof.com/q/a08c4375-3236-4e34-8e0d-3f807d6610b0/ https://minutesof.com/q/a08c4375-3236-4e34-8e0d-3f807d6610b0/ “And then yesterday, on the Hong Kong exchange, Kuaishou, $5,000,000,000 deal, $9,000,000,000 underpricing on one deal.” — Bloomberg Tech Sat, 06 Feb 2021 00:47:45 +0000 ipo market https://minutesof.com/q/29524cfe-9553-4ffa-aff6-5ee750cc987f/ https://minutesof.com/q/29524cfe-9553-4ffa-aff6-5ee750cc987f/ “And no one, no one in four hundred years of economics would suggest that the best practice would be to have a 30 x supply demand imbalance.” — Bloomberg Tech Sat, 06 Feb 2021 00:47:45 +0000 ipo market https://minutesof.com/q/7a32e6e1-77c2-45e5-9180-840f90a2c81b/ https://minutesof.com/q/7a32e6e1-77c2-45e5-9180-840f90a2c81b/ “The the the primary issues with the traditional IPO are twofold and the SEC nailed them both in their in their draft today, which is that it doesn't provide access to all investors.” — CNBC Television Tue, 22 Dec 2020 21:56:04 +0000 ipo market https://minutesof.com/q/d7b2d828-77ef-416c-beb3-2214432388c6/ https://minutesof.com/q/d7b2d828-77ef-416c-beb3-2214432388c6/ “It's just a select group of people that that happen to be the biggest customers of the investment bank.” — CNBC Television Tue, 22 Dec 2020 21:56:04 +0000 ipo market https://minutesof.com/q/792c9b17-1686-41b5-96ba-bac0fa7017ed/ https://minutesof.com/q/792c9b17-1686-41b5-96ba-bac0fa7017ed/ “And the price and allocation are determined by humans just guessing, which makes no sense whatsoever in the modern age.” — CNBC Television Tue, 22 Dec 2020 21:56:04 +0000 ipo market https://minutesof.com/q/4bf218e3-59dc-46d4-bd34-6e510122c295/ https://minutesof.com/q/4bf218e3-59dc-46d4-bd34-6e510122c295/ “In the future, you'll be able to go on Robinhood, if you wanna participate in IPO, you can.” — CNBC Television Tue, 22 Dec 2020 21:56:04 +0000 ipo market https://minutesof.com/q/8ca7d641-97de-45b4-b1e8-0c8f29be3965/ https://minutesof.com/q/8ca7d641-97de-45b4-b1e8-0c8f29be3965/ “Let's let supply and demand matching, which, you know, unfortunately have been available order matching systems for for over twenty years.” — CNBC Television Tue, 22 Dec 2020 21:56:04 +0000 ipo market https://minutesof.com/q/3d0bd98a-e157-4e98-86d7-f1e81f698814/ https://minutesof.com/q/3d0bd98a-e157-4e98-86d7-f1e81f698814/ “In in in 2018, it was 6,000,000,000. In 2019, it was 7,000,000,000. This year, it's gonna be over $34,000,000,000 in one day giveaways.” — CNBC Television Tue, 22 Dec 2020 21:56:04 +0000 ipo market https://minutesof.com/q/53f94c90-eae1-4494-960f-3749350c5ed0/ https://minutesof.com/q/53f94c90-eae1-4494-960f-3749350c5ed0/ “This year, it's gonna be over $34,000,000,000 in one day giveaways. You know, if you you wanna talk about legal issues, I think people are gonna come after boards, for fiduciary duty violations” — CNBC Television Tue, 22 Dec 2020 21:56:04 +0000 ipo market https://minutesof.com/q/2c687f50-8386-4ad9-8cd7-8c4f603f0faa/ https://minutesof.com/q/2c687f50-8386-4ad9-8cd7-8c4f603f0faa/ “I think people are gonna come after boards, for fiduciary duty violations for knowingly entering into a process where you're selling a corporate asset at a massive discount.” — CNBC Television Tue, 22 Dec 2020 21:56:04 +0000 ipo market https://minutesof.com/q/bcdd75e5-353b-4919-b4cf-ca13af758d1f/ https://minutesof.com/q/bcdd75e5-353b-4919-b4cf-ca13af758d1f/ “for knowingly entering into a process where you're selling a corporate asset at a massive discount.” — CNBC Television Tue, 22 Dec 2020 21:56:04 +0000 ipo market https://minutesof.com/q/d15038f8-7f3d-4e58-ac1d-2d07eb3acf43/ https://minutesof.com/q/d15038f8-7f3d-4e58-ac1d-2d07eb3acf43/ “I think one of the big reasons the SPAC market opened up was because the underpricing was getting worse and worse and worse.” — CNBC Television Tue, 22 Dec 2020 21:56:04 +0000 ipo market https://minutesof.com/q/a30c1c0c-debd-48d8-a19f-51eba7613f62/ https://minutesof.com/q/a30c1c0c-debd-48d8-a19f-51eba7613f62/ “Today's a super important day because I think it'll be very hard for anyone to argue whether it's a traditional IPO or a SPAC that that's gonna be better than a direct listing with a primary offering.” — CNBC Television Tue, 22 Dec 2020 21:56:04 +0000 ipo market https://minutesof.com/q/4ff453fc-1363-40d7-bcf6-dfe3f53e125f/ https://minutesof.com/q/4ff453fc-1363-40d7-bcf6-dfe3f53e125f/ “So last year and the year before, there were about $6,000,000,000 in underpricing across all of venture backed companies. Jay Ritter at the University of Florida aggregates this data.” — Bloomberg Tech Fri, 16 Oct 2020 00:08:57 +0000 ipo market https://minutesof.com/q/3d9c1aed-62c9-4df3-91db-0af9aabcafff/ https://minutesof.com/q/3d9c1aed-62c9-4df3-91db-0af9aabcafff/ “Snowflake alone was 4,500,000,000, just one company. And so the day after the IPO, the people that were allocated the stock the night before have 4,500,000,000 in wealth they didn't have before.” — Bloomberg Tech Fri, 16 Oct 2020 00:08:57 +0000 ipo market https://minutesof.com/q/b649059b-4589-4b5e-b7ef-eace447aca98/ https://minutesof.com/q/b649059b-4589-4b5e-b7ef-eace447aca98/ “We have a wonderful new age alternative called the direct listing that just matches supply and demand.” — Bloomberg Tech Fri, 16 Oct 2020 00:08:57 +0000 ipo market https://minutesof.com/q/5fefb43d-4ee3-43e3-8258-e5aea88a1f04/ https://minutesof.com/q/5fefb43d-4ee3-43e3-8258-e5aea88a1f04/ “But that's the behavior of some of the founders in Silicon Valley that buy into the state private thing. Like the minute you started giving stock to your employees, you're in the game” — Bloomberg Tech Fri, 16 Oct 2020 00:08:57 +0000 ipo market https://minutesof.com/q/4c7d550d-1ac3-4b33-af87-2fc624d70460/ https://minutesof.com/q/4c7d550d-1ac3-4b33-af87-2fc624d70460/ “Ironically, you know, in year to date, 2020, the total underpricing dollars on the traditional IPO is $24,000,000,000 And it was in the 6 to 7 range the past two years up from three the year before.” — CNBC Television Fri, 02 Oct 2020 16:26:10 +0000 ipo market https://minutesof.com/q/989f846b-6d69-464b-ac04-697c1d8bb879/ https://minutesof.com/q/989f846b-6d69-464b-ac04-697c1d8bb879/ “We have a situation where the number of public companies today is half of what it was a while ago.” — CNBC Television Fri, 02 Oct 2020 16:26:10 +0000 ipo market https://minutesof.com/q/b04e1843-3d8c-4f96-92d5-a191769c4d91/ https://minutesof.com/q/b04e1843-3d8c-4f96-92d5-a191769c4d91/ “And you ask, well, why is that? Well, the average IPO this year had to underprice by 200,000,000.” — CNBC Television Fri, 02 Oct 2020 16:26:10 +0000 ipo market https://minutesof.com/q/92005dc1-7ecc-4658-aa38-2c5a5a3b15c4/ https://minutesof.com/q/92005dc1-7ecc-4658-aa38-2c5a5a3b15c4/ “So you have a $200,000,000 tax to go public through the traditional IPO route, which is completely unnecessary.” — CNBC Television Fri, 02 Oct 2020 16:26:10 +0000 ipo market https://minutesof.com/q/74f09d86-3b95-495f-b0a8-44cb09f6058f/ https://minutesof.com/q/74f09d86-3b95-495f-b0a8-44cb09f6058f/ “I think is the SPAC craze because you've created this massive pricing umbrella arbitrage to get a company public where the traditional route means someone gets to allocate $200,000,000 to their buddies.” — CNBC Television Fri, 02 Oct 2020 16:26:10 +0000 ipo market https://minutesof.com/q/223e430e-4bc5-4893-b5c2-11fbb3e3d1ca/ https://minutesof.com/q/223e430e-4bc5-4893-b5c2-11fbb3e3d1ca/ “Well, if someone gets to do that, the SPAC sponsors are saying, Hey Goldman, Hey Morgan, you don't get to allocate that money to your friends. I'm gonna allocate it to mine.” — CNBC Television Fri, 02 Oct 2020 16:26:10 +0000 ipo market https://minutesof.com/q/8a3fc02d-f7f1-4a22-8a90-3fedff8dbe1b/ https://minutesof.com/q/8a3fc02d-f7f1-4a22-8a90-3fedff8dbe1b/ “Well, if someone gets to do that, the SPAC sponsors are saying, Hey Goldman, Hey Morgan, you don't get to allocate that money to your friends.” — CNBC Television Fri, 02 Oct 2020 16:26:10 +0000 ipo market https://minutesof.com/q/0a98d7db-dda9-4e01-b8ac-91a07bbe11ff/ https://minutesof.com/q/0a98d7db-dda9-4e01-b8ac-91a07bbe11ff/ “It's times like this where that strategy, I think, gets exposed as the fraud that it was precisely because private company capitalization charts don't go down very well. They're designed to really only go up.” — Invest Like the Best Fri, 13 Mar 2020 09:30:00 +0000 ipo market https://minutesof.com/q/c4f4e35d-94da-41c5-8a0d-6b660bd883fa/ https://minutesof.com/q/c4f4e35d-94da-41c5-8a0d-6b660bd883fa/ “And it turns out that surviving down periods is a lot easier as a public company than a private company because you've converted all that away.” — Invest Like the Best Fri, 13 Mar 2020 09:30:00 +0000 ipo market https://minutesof.com/q/7560c377-c112-4f22-983f-c9ccc8fc3d73/ https://minutesof.com/q/7560c377-c112-4f22-983f-c9ccc8fc3d73/ “And so oddly, it's easier as a public company than a late stage private company to go through these types of periods.” — Invest Like the Best Fri, 13 Mar 2020 09:30:00 +0000 ipo market https://minutesof.com/q/093b9558-e6b6-489b-b48d-4795396b0e93/ https://minutesof.com/q/093b9558-e6b6-489b-b48d-4795396b0e93/ “Silicon Valley's been, unhappy with the way the IPO works for a couple of decades now. I dug up, you know, some conversations Pierro Midiard had at eBay calling it undemocratic.” — Bloomberg Tech Wed, 02 Oct 2019 18:47:29 +0000 ipo market https://minutesof.com/q/f9cc217d-d366-4933-abb8-1c623971a9b6/ https://minutesof.com/q/f9cc217d-d366-4933-abb8-1c623971a9b6/ “Pierro Midiard had at eBay calling it undemocratic. You know, Hambrick and Quist, Bill Hambrick, twenty years ago called the IPO an insider's game.” — Bloomberg Tech Wed, 02 Oct 2019 18:47:29 +0000 ipo market https://minutesof.com/q/03f320c0-a1de-4562-8c71-943b00be8e90/ https://minutesof.com/q/03f320c0-a1de-4562-8c71-943b00be8e90/ “if you look at the first day pop net of the losses of the companies that have broken issue, Uber, Lyft, and and, Peloton, it's 6,000,000,000 to the positive, $6,000,000,000 in first day wealth transfer net gains.” — Bloomberg Tech Wed, 02 Oct 2019 18:47:29 +0000 ipo market https://minutesof.com/q/816a792e-58cd-478b-9851-1f34ea3f4309/ https://minutesof.com/q/816a792e-58cd-478b-9851-1f34ea3f4309/ “But I don't think it's healthy for companies to stay private forever. I think it's super advantageous to companies to pass through and become public.” — Bloomberg Tech Wed, 02 Oct 2019 18:47:29 +0000 ipo market https://minutesof.com/q/64f9a508-5d14-4cc2-8d0c-d4cd6de94e6e/ https://minutesof.com/q/64f9a508-5d14-4cc2-8d0c-d4cd6de94e6e/ “I don't think it's healthy for companies to stay private forever. I think it's super advantageous to companies to pass through and become public.” — Bloomberg Tech Wed, 02 Oct 2019 18:47:29 +0000 ipo market https://minutesof.com/q/6c46ad2a-b6e9-4abc-a441-33b30a509a2e/ https://minutesof.com/q/6c46ad2a-b6e9-4abc-a441-33b30a509a2e/ “I one of the reasons I encourage companies going public is because I think it ups their game. I think it it presents more pressure. It forces them to be more disclosive, more transparent.” — Bloomberg Tech Wed, 02 Oct 2019 18:47:29 +0000 ipo market https://minutesof.com/q/ea2fe518-106e-4c69-9911-4babd69fffdd/ https://minutesof.com/q/ea2fe518-106e-4c69-9911-4babd69fffdd/ “Even Zuckerberg was quoted as saying he waited two years too late to go public.” — Bloomberg Tech Wed, 02 Oct 2019 18:47:29 +0000 ipo market https://minutesof.com/q/b682796e-62fb-459b-92fc-a0888a6779e1/ https://minutesof.com/q/b682796e-62fb-459b-92fc-a0888a6779e1/ “In the traditional IPO process, neither of those things are true. You don't have a market based price discovery, and you don't have open and equal access to all.” — CNBC Television Wed, 02 Oct 2019 17:35:22 +0000 ipo market https://minutesof.com/q/feb9c1b1-ad2e-49d6-aec1-12412cc95c0a/ https://minutesof.com/q/feb9c1b1-ad2e-49d6-aec1-12412cc95c0a/ “If you put in a bid at $380.01 from a Robinhood account and they open at 38, you're filled. That is absolutely not true in the IPO process.” — CNBC Television Wed, 02 Oct 2019 17:35:22 +0000 ipo market https://minutesof.com/q/c0faaaec-cd69-4d2b-8d11-eed9da7c6e8f/ https://minutesof.com/q/c0faaaec-cd69-4d2b-8d11-eed9da7c6e8f/ “You know, thirty, forty years over the past thirty eight years, 171,000,000,000 in First Day Wealth Transfer. And in the past 50 in the past three years, that's 15,000,000,000.” — CNBC Television Wed, 02 Oct 2019 17:35:22 +0000 ipo market https://minutesof.com/q/26a53971-35fd-40d0-b943-7626e9f53c4b/ https://minutesof.com/q/26a53971-35fd-40d0-b943-7626e9f53c4b/ “What Barry McCarthy unlocked and and discovered was that the very same processes that you use at the NYSE and the Nasdaq to open stocks each and every day can actually do the match that that that do a direct listing opening. And so in the direct listing process, you're actually removing steps” — CNBC Television Wed, 02 Oct 2019 17:35:22 +0000 ipo market https://minutesof.com/q/77a223ec-202e-4ba8-8868-1f88272385ef/ https://minutesof.com/q/77a223ec-202e-4ba8-8868-1f88272385ef/ “So the first slide is about underpricing, and this is solely looking at the difference between the price that the stocks handed out to the night before and the close the next day.” — CNBC Television Tue, 10 Sep 2019 17:45:20 +0000 ipo market https://minutesof.com/q/04927627-3f78-4c68-a2de-2f00e578d68c/ https://minutesof.com/q/04927627-3f78-4c68-a2de-2f00e578d68c/ “And so over thirty nine years, that's been a 171,000,000,000 for Silicon Valley companies, and it's been increasing lately.” — CNBC Television Tue, 10 Sep 2019 17:45:20 +0000 ipo market https://minutesof.com/q/091f1a20-9e9a-4beb-a2e6-0ea7a9e96579/ https://minutesof.com/q/091f1a20-9e9a-4beb-a2e6-0ea7a9e96579/ “over thirty nine years, that's been a 171,000,000,000 for Silicon Valley companies, and it's been increasing lately. Just year to date, we're at 6,000,000,000 in underpricing.” — CNBC Television Tue, 10 Sep 2019 17:45:20 +0000 ipo market https://minutesof.com/q/bd1f6c4e-b79f-4d25-9694-f171065f5211/ https://minutesof.com/q/bd1f6c4e-b79f-4d25-9694-f171065f5211/ “So this is ten years of data, a decade of data over a 100 IPOs, per underwriter. And what you see is astonishing.” — CNBC Television Tue, 10 Sep 2019 17:45:20 +0000 ipo market https://minutesof.com/q/5bef1245-e36f-4e4e-8057-c4fea5b609d0/ https://minutesof.com/q/5bef1245-e36f-4e4e-8057-c4fea5b609d0/ “this is ten years of data, a decade of data over a 100 IPOs, per underwriter. And what you see is astonishing.” — CNBC Television Tue, 10 Sep 2019 17:45:20 +0000 ipo market https://minutesof.com/q/73b7d583-c76b-432e-9fde-e6f6b235bed9/ https://minutesof.com/q/73b7d583-c76b-432e-9fde-e6f6b235bed9/ “So it turns out that if you go with the best investment bank, you get the worst execution. And that is that's remarkably odd.” — CNBC Television Tue, 10 Sep 2019 17:45:20 +0000 ipo market https://minutesof.com/q/aa59fe5e-ce41-40fc-850b-2170eae99674/ https://minutesof.com/q/aa59fe5e-ce41-40fc-850b-2170eae99674/ “it turns out that if you go with the best investment bank, you get the worst execution. And that is that's remarkably odd.” — CNBC Television Tue, 10 Sep 2019 17:45:20 +0000 ipo market https://minutesof.com/q/3a0cc956-0466-4756-a71e-e78288bfb681/ https://minutesof.com/q/3a0cc956-0466-4756-a71e-e78288bfb681/ “So 20 x over supply is a euphemism for we're about to ignore 95% of the demand for your stock.” — CNBC Television Tue, 10 Sep 2019 17:45:20 +0000 ipo market https://minutesof.com/q/e7e1d7d0-60ea-4102-88c4-e6985c4140af/ https://minutesof.com/q/e7e1d7d0-60ea-4102-88c4-e6985c4140af/ “So 20 x over supply is a euphemism for we're about to ignore 95% of the demand for your stock. Intentionally ignore 95% of the demand for your stock.” — CNBC Television Tue, 10 Sep 2019 17:45:20 +0000 ipo market https://minutesof.com/q/8fa964f2-67a6-4e14-85d1-05c36e5f5859/ https://minutesof.com/q/8fa964f2-67a6-4e14-85d1-05c36e5f5859/ “There's an area of study in economics called, the agency problem, and and there's a the variant of it called the multiple agency problem.” — CNBC Television Tue, 10 Sep 2019 17:45:20 +0000 ipo market https://minutesof.com/q/401a6dbf-33c5-46b6-99f2-675af164c835/ https://minutesof.com/q/401a6dbf-33c5-46b6-99f2-675af164c835/ “So you've got an agent who's looking after multiple parties, the company, but guess what? Also the buy side.” — CNBC Television Tue, 10 Sep 2019 17:45:20 +0000 ipo market https://minutesof.com/q/2c2bc9c6-9e72-4d1a-8bab-64337f0a7ccc/ https://minutesof.com/q/2c2bc9c6-9e72-4d1a-8bab-64337f0a7ccc/ “So you just have to realize the customer is not the startup. The customer is the buy side.” — CNBC Television Tue, 10 Sep 2019 17:45:20 +0000 ipo market https://minutesof.com/q/103202f5-1230-4645-8906-44c2932f469c/ https://minutesof.com/q/103202f5-1230-4645-8906-44c2932f469c/ “If you are in a direct listing, any direct listing, and you are at a Schwab account, a Robinhood account, I don't care what, and you put in an order that's a penny higher than the closing price, you get filled. That is not true in a traditional IPO.” — CNBC Television Tue, 10 Sep 2019 17:45:20 +0000 ipo market https://minutesof.com/q/1eea5bb8-6836-422d-838d-1c9948020934/ https://minutesof.com/q/1eea5bb8-6836-422d-838d-1c9948020934/ “That is not true in a traditional IPO. In fact, retail's often held the 5%,” — CNBC Television Tue, 10 Sep 2019 17:45:20 +0000 ipo market https://minutesof.com/q/03a94a75-1bf4-4ae6-9236-952ca881331e/ https://minutesof.com/q/03a94a75-1bf4-4ae6-9236-952ca881331e/ “yet celebrate companies like Zoom and CrowdStrike and where the stock's up or Chewy recently where the stock's up 80% on the first day.” — Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 ipo market https://minutesof.com/q/00ab628f-4456-4f48-8c66-06f8cde6d501/ https://minutesof.com/q/00ab628f-4456-4f48-8c66-06f8cde6d501/ “And this is something that I think it's odd to me that more people don't understand how ridiculous this is because had and I ran the math in the Zoom and CrowdStrike example, had those companies priced the IPO at the price of first trade, they would have 600,000,000 more dollars each in the bank” — Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 ipo market https://minutesof.com/q/896b500c-6250-4fa2-8177-10c3898c40b7/ https://minutesof.com/q/896b500c-6250-4fa2-8177-10c3898c40b7/ “had those companies priced the IPO at the price of first trade, they would have 600,000,000 more dollars each in the bank with no incremental dilution.” — Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 ipo market https://minutesof.com/q/48459ad1-ad94-46dc-8945-4e4393e40933/ https://minutesof.com/q/48459ad1-ad94-46dc-8945-4e4393e40933/ “And I can make the argument that's malfeasance, but everyone's writing this stories about how wonderful it was.” — Invest Like the Best Tue, 02 Jul 2019 09:30:00 +0000 ipo market https://minutesof.com/q/634d848a-d43f-49fc-a216-1451ff6a620e/ https://minutesof.com/q/634d848a-d43f-49fc-a216-1451ff6a620e/ “I believe strongly that I think is less well understood is that being public actually helps the companies run better. It's an enforced discipline.” — Bloomberg Tech Thu, 15 Feb 2018 00:05:18 +0000 ipo market https://minutesof.com/q/f0586c87-635a-4d3c-941c-7c0c172b5353/ https://minutesof.com/q/f0586c87-635a-4d3c-941c-7c0c172b5353/ “So we're at a billion dollar run rate. We've been profitable for many quarters. In fact, when the company came public, it is over a $100,000,000 of cash on the balance sheet.” — Bloomberg Television Fri, 17 Nov 2017 19:47:21 +0000 ipo market https://minutesof.com/q/be4e2364-418c-445e-8fef-fda817ce410b/ https://minutesof.com/q/be4e2364-418c-445e-8fef-fda817ce410b/ “Over 80% of the employees are female. Over 60% of the management team's female. Over 60% of the board is female.” — Bloomberg Television Fri, 17 Nov 2017 19:47:21 +0000 ipo market https://minutesof.com/q/dcc1a6e3-0994-48ef-bde7-6682e16d557d/ https://minutesof.com/q/dcc1a6e3-0994-48ef-bde7-6682e16d557d/ “One of the unique things about Stitch Fix relative to all of the unicorns out in Silicon Valley is that they've run very disciplined and profitable approach. They've been profitable for several years.” — CNBC Fri, 17 Nov 2017 18:49:28 +0000 ipo market https://minutesof.com/q/4ea319ae-64d7-4faf-9329-e533ed80c0ba/ https://minutesof.com/q/4ea319ae-64d7-4faf-9329-e533ed80c0ba/ “They've been profitable for several years. The reason that you never heard of them as a unicorn was because they never raised money above 1,000,000,000 because they didn't really do raise money.” — CNBC Fri, 17 Nov 2017 18:49:28 +0000 ipo market https://minutesof.com/q/cf45415c-ad9f-46ca-b0f3-604998510ba9/ https://minutesof.com/q/cf45415c-ad9f-46ca-b0f3-604998510ba9/ “The reason that you never heard of them as a unicorn was because they never raised money above 1,000,000,000 because they didn't really do raise money.” — CNBC Fri, 17 Nov 2017 18:49:28 +0000 ipo market https://minutesof.com/q/896cc543-641d-4a61-81fa-1b3a753b232d/ https://minutesof.com/q/896cc543-641d-4a61-81fa-1b3a753b232d/ “I think you're gonna see a large number of unicorns who were afraid to play on Sunday, afraid to be in the public markets, that didn't get their act together in time, didn't get profitable, didn't understand unit economics, and and hurt the value of the equity as a result.” — CNBC Fri, 17 Nov 2017 18:49:28 +0000 ipo market https://minutesof.com/q/e5a7c5ef-b498-4104-9e7c-23eb3bf7217c/ https://minutesof.com/q/e5a7c5ef-b498-4104-9e7c-23eb3bf7217c/ “I do think we are also watching, however, as many of the unicorns mature in age, that many of them are having to come to the recognition that they either need to grow up, get profitable, go public, or do something along those lines.” — CNBC Fri, 17 Nov 2017 18:49:28 +0000 ipo market https://minutesof.com/q/6007088b-343f-446a-9f59-48c35a45a985/ https://minutesof.com/q/6007088b-343f-446a-9f59-48c35a45a985/ “And that this this silly notion of we're gonna stay private forever is not playing out in a very positive way.” — CNBC Fri, 17 Nov 2017 18:49:28 +0000 ipo market https://minutesof.com/q/49b9f2d0-945d-4f92-b10b-b4fdd4b867a6/ https://minutesof.com/q/49b9f2d0-945d-4f92-b10b-b4fdd4b867a6/ “And I think what we see right now is a almost Bernie Madoff like dynamic where capital comes in, it gets marked up without any public scrutiny, unaudited financials.” — VivaTech Wed, 13 Jul 2016 11:33:12 +0000 ipo market https://minutesof.com/q/3b4c0cef-76e9-4b41-8ded-aaf68614ba96/ https://minutesof.com/q/3b4c0cef-76e9-4b41-8ded-aaf68614ba96/ “So we have 140 companies, 150 companies that have valuations that I think wouldn't sustain in the public market.” — VivaTech Wed, 13 Jul 2016 11:33:12 +0000 ipo market https://minutesof.com/q/b996fa00-4361-4706-bdc8-b3caac4b4df4/ https://minutesof.com/q/b996fa00-4361-4706-bdc8-b3caac4b4df4/ “And the gap that's been widening between the money that's been given versus the money that's been returned in liquidity is record levels.” — VivaTech Wed, 13 Jul 2016 11:33:12 +0000 ipo market https://minutesof.com/q/332060d1-81ce-42c9-ae1d-0903a2aea65d/ https://minutesof.com/q/332060d1-81ce-42c9-ae1d-0903a2aea65d/ “And so the single biggest indicator for us is that the capital being burned in the market so this is usually on headcount, mostly people, not hard assets is breaking all the prior records of 'ninety nine, two thousand.” — VivaTech Wed, 13 Jul 2016 11:33:12 +0000 ipo market https://minutesof.com/q/cdc4ee2a-3810-4557-bb41-e5fb332e0653/ https://minutesof.com/q/cdc4ee2a-3810-4557-bb41-e5fb332e0653/ “Being able to just do everything leads to poor business execution. And so now we have numbers of companies, I think, making poor decisions. Burn rates are higher than they've ever been.” — SXSW Fri, 20 Mar 2015 17:13:49 +0000 ipo market https://minutesof.com/q/6a84016b-e42e-437d-aab1-e6028dcec5bf/ https://minutesof.com/q/6a84016b-e42e-437d-aab1-e6028dcec5bf/ “in the venture business, we have this problem, this kind of anti IPO attitude that I think prohibits companies from hitting the long ball.” — TechCrunch Mon, 29 Apr 2013 15:27:35 +0000 ipo market https://minutesof.com/q/dc7ea89e-1745-4529-8faa-351e52b54975/ https://minutesof.com/q/dc7ea89e-1745-4529-8faa-351e52b54975/ “I would say on a couple of fronts, the late stage private market continues to be the most frothy thing I've seen since the late '90s.” — TechCrunch Mon, 29 Apr 2013 15:27:35 +0000 ipo market https://minutesof.com/q/8c724370-9cc2-4b12-b423-d002c9dfa15a/ https://minutesof.com/q/8c724370-9cc2-4b12-b423-d002c9dfa15a/ “And the behavior that you'll see for the competition in those dollars is very reminiscent of the late 90s.” — TechCrunch Mon, 29 Apr 2013 15:27:35 +0000 ipo market https://minutesof.com/q/b8da8232-6ed3-4096-995a-a207b098d14c/ https://minutesof.com/q/b8da8232-6ed3-4096-995a-a207b098d14c/ “I mean, you you could have more financial information on a thinly traded pink sheet Canadian public company than you have.” — Bloomberg Originals Fri, 23 Mar 2012 16:15:50 +0000 ipo market https://minutesof.com/q/2eca078a-cb1a-4a09-881b-1c065c3f202d/ https://minutesof.com/q/2eca078a-cb1a-4a09-881b-1c065c3f202d/ “These these might be these might be the least informed investment actions in in our history.” — Bloomberg Originals Fri, 23 Mar 2012 16:15:50 +0000 ipo market https://minutesof.com/q/618aafb5-890f-4d28-83f1-d1c2c9249819/ https://minutesof.com/q/618aafb5-890f-4d28-83f1-d1c2c9249819/ “These these might be these might be the least informed investment actions in in our history. And so I don't know that you can pay too much attention to the price because they're very uninformed.” — Bloomberg Originals Fri, 23 Mar 2012 16:15:50 +0000 ipo market https://minutesof.com/q/76520b24-417d-4404-847e-e78cdf0a274a/ https://minutesof.com/q/76520b24-417d-4404-847e-e78cdf0a274a/ “Earlier today, one of our investments, Ambarella, filed, which will be our fourth IPO this year. And that hasn't happened, you know, for a single venture firm in a very long time.” — Bloomberg Originals Sat, 11 Jun 2011 01:20:44 +0000 ipo market https://minutesof.com/q/34a23fc7-4680-4393-9577-7c376ba6317c/ https://minutesof.com/q/34a23fc7-4680-4393-9577-7c376ba6317c/ “Ambarella, filed, which will be our fourth IPO this year. And that hasn't happened, you know, for a single venture firm in a very long time.” — Bloomberg Originals Sat, 11 Jun 2011 01:20:44 +0000 ipo market https://minutesof.com/q/5b9b5710-3c8a-48a0-9706-647ea75484cf/ https://minutesof.com/q/5b9b5710-3c8a-48a0-9706-647ea75484cf/ “I think another interesting characteristic of that, in my mind, the IPO market's paying much higher valuations in the m and a market right now.” — Bloomberg Originals Sat, 11 Jun 2011 01:20:44 +0000 ipo market https://minutesof.com/q/d7cdd27a-f66f-40d3-a5e0-1c46fe40126b/ https://minutesof.com/q/d7cdd27a-f66f-40d3-a5e0-1c46fe40126b/ “I think of the 25 or 30 this year, three were not profitable at the time of going out.” — TechCrunch Fri, 01 Oct 2010 23:16:15 +0000 ipo market https://minutesof.com/q/7c275de9-0f7c-4fb4-b11d-a8bef2730f95/ https://minutesof.com/q/7c275de9-0f7c-4fb4-b11d-a8bef2730f95/ “the number of IPOs, as Michael mentioned, have been 30 in the first half of this year versus five in 'eight and twelve in 'nine.” — TechCrunch Fri, 01 Oct 2010 23:16:15 +0000 ipo market https://minutesof.com/q/338318fb-fedf-4a34-bc8a-01fd0e392000/ https://minutesof.com/q/338318fb-fedf-4a34-bc8a-01fd0e392000/ “Well, at some point, I think they're gonna be spending more dollars avoiding public than being public. It's just going be more of a hassle.” — TechCrunch Fri, 01 Oct 2010 23:16:15 +0000 ipo market https://minutesof.com/q/0f369672-7f47-4108-9733-1dc1708e515c/ https://minutesof.com/q/0f369672-7f47-4108-9733-1dc1708e515c/ “Another interesting thing is with Data Domain and ArcSight and three part, you've seen companies go public, establish a valuation and then get an M and A premium on top of that.” — TechCrunch Fri, 01 Oct 2010 23:16:15 +0000 ipo market https://minutesof.com/q/a46fd433-862f-48f4-a223-af0e65e90ea1/ https://minutesof.com/q/a46fd433-862f-48f4-a223-af0e65e90ea1/ “And one last thing most entrepreneurs probably don't know, when you do a public merger, there's no escrow.” — TechCrunch Fri, 01 Oct 2010 23:16:15 +0000 ipo market https://minutesof.com/q/86e56cef-6f92-4fd9-86f7-d9c882bc06a9/ https://minutesof.com/q/86e56cef-6f92-4fd9-86f7-d9c882bc06a9/ “And most private ones have 10 to 15% escrow, so that's even another part of the price that doesn't you know, that's advantageous to the public.” — TechCrunch Fri, 01 Oct 2010 23:16:15 +0000 ipo market