I bought many IPOs, and I read every prospectus. I saw none that I would care to hold, so I flipped every IPO I bought as quickly as possible. A couple tempted me, but when the stock prices went beyond all realistic valuation, I released them.
The whole point is that "everyone" knew valuations were a joke, and few who held those internuts actually believed that they could ever earn enough to justify their price. Did I get burned on some long positions? Sure. Was it my fault. Definitely.
Carl
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