The Rise and Fall of NASDAQ Stocks

In 1999, I couldn't trade stocks on NASDAQ from the New York Stock Exchange. But investment bankers would bring one of these dot com names to the market and they'd get a lot of interest. Think about what happened two weeks ago with DoorDash and Airbnb. Goldman and Morgan Stanley brought those deals. They were the lead underwriters in those deals. And all of a sudden it was like one of these unicorn names where people were just raised.