It would seem like never. Matt Levine had another interesting take on that as well. [0] >... Well, I just got through saying that there’s not really any reward

It would seem like never. Matt Levine had another interesting take on that as well. [0] >... Well, I just got through saying that there’s not really any reward for being pessimistic and right about valuation when you are pitching an IPO. Your optimistic competitors will get the mandate, and then spend some time walking the company back ... On the other hand it is a repeat game and there are occasionally penalties for getting it wrong: ... it will be rough for Morgan Stanley if winning the biggest IPO prize [Uber] of the unicorn era loses it the biggest IPO prize of all time [Saudi Aramco] [0]https://www.bloomberg.com/opinion/articles/2019-09-09/we-mig.. https://www.bloomberg.com/opinion/articles/2019-09-09/we-mig....