IPOs are increasingly turning into an exercise of the Greater Fool Theory [1]. I'm not sure if it's investors or employees who are the bigger fool. Investors

IPOs are increasingly turning into an exercise of the Greater Fool Theory [1]. I'm not sure if it's investors or employees who are the bigger fool. Investors can fall back on ratchets [2]. Lyft may sue a bank for helping pre-IPO investors short sell [3]. What does seem to be clear is the widening gap between smart money (investors) and dumb money (employees). [1] https://en.wikipedia.org/wiki/Greater_fool_theory https://en.wikipedia.org/wiki/Greater_fool_theory [2] https://www.investopedia.com/terms/f/fullratchet.asp https://www.investopedia.com/terms/f/fullratchet.asp [3] https://www.cnbc.com/2019/04/06/lyft-is-threatening-litigation-against-morgan-stanley-accusing-the-firm-of-supporting-short-selling.html https://www.cnbc.com/2019/04/06/lyft-is-threatening-litigati...