What I Learned In 2020 - John Hempton
The Joe Walker Podcast
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The Insanity Number: Stock Prices Will Normalize
Venture capitalists are warning on Twitter that stocks might fall back to normal levels like 20 times revenue. There's a famous quote from the last cycle from, I think, Jim McNeely who is the CEO of Sun. And he says, you know, when our stock was trading at $60, what were you thinking? Right. Go back two years and there were still good tech companies being IPO'd. This year, they're not all garbage. The one that puzzles me most is actually the good IPO one. If you go have a look at the IPOs done at the bottom of markets in 1991, it may have been 1992. They went a little bit garbage. None of them
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