“crap like Uber doesn't shoot to the moon on opening day” I think the main reason for this is that all the upside and speculation has already been taken by ear

“crap like Uber doesn't shoot to the moon on opening day” I think the main reason for this is that all the upside and speculation has already been taken by earlier investors and an IPO is done only when there is basically no upside left. In 1998 Uber would have gone IPO much earlier and retail investors would have driven up the price, not the VCs as it’s done now. What’s common is that we have a lot of companies who don’t even have the slightest idea how to become profitable other than a miracle happening. Not sure how this will end but judging from 2002 and following it won’t be pretty for a lot of people that are flying high in the current market.