As long as the "when" is: after the investors and principals have played it through. Sure, every company gets more vulnerable as it gets bigger and markets evo

As long as the "when" is: after the investors and principals have played it through. Sure, every company gets more vulnerable as it gets bigger and markets evolve, etc. as stated here. but if you notice, NONE of the examples cited above "became vulnerable" before the liquidity event happened. I could make an exception with Apple, but that seems to be the exception not the rule. in fact, you could argue that there is a 3rd phase of a company (which Apple is in), after the liquidity event, after the company gets vulnerable (think apple 10 years ago, think yahoo now). some die - but some survive to see a new healthy dominance.