TRCPA, I think that's still true, just maybe doesn't apply to small public companies that try to get a business going on the backs of shareholders. The companies that establish a history of revs, customer base, etc., then IPO have a much better chance of success, IMO. Google is a good example among many.
"whereby the little guy has as good a chance to make it as anyone else....with a lot of hard work."
Cash is King until further notice!!!
My comments on companies are usually my opinion of long term success (years). The PPS may go up or down greatly in the meantime depending on the number of greedy suckers with money.