Gerstner argues historic tech IPOs needed capital access, unlike today's companies with deep private markets.
“I think the biggest thing that has changed over the last twenty years, you know, back to you know, if we think about the companies that went public in in in those early vintages, the Microsofts, the Apples, the Googles, the Salesforce, etc. What was one commonality, Bill? They needed access to capital to grow.”
Gerstner says Amazon is up 200x from 2000 peak and 1000x from 2000 low on split-adjusted basis.
“On a split adjusted basis, where is Amazon today relative to that $150? It's up 200x. Where is it relative to where it was in December 2020? Up 1000x.”