Friedberg states two-thirds of post-COVID IPOs now trade below total cash raised.
“I think two thirds of the companies that went public since COVID are trading at less than the cash they raised to date as public companies now.”
Friedberg admits he was wrong about plant-based meat, having bet against companies because he thought consumers needed cheaper prices.
“I didn't bet against them, but I chose not to bet for them because I made the argument consumers will only buy stuff that's cheaper and taste as good, and I was wrong.”
Friedberg compares market retracements: 1987 saw 33%, 2000 saw 47%, 2008 saw 56%, but we're only 20% into this one.
“1987, we saw 33% retracement. 2000, we saw 47%. 2008, we saw 56% and we're only 20 into this one.”