I don't necessarily disagree with your argument. Zoom is trading at PE ratio of like...1.4k, Logmein trades at a PE ration of 20. Is Zoom just a thousand times

I don't necessarily disagree with your argument. Zoom is trading at PE ratio of like...1.4k, Logmein trades at a PE ration of 20. Is Zoom just a thousand times more likely to grow to dominate the sector? I mean, it wouldn't surprise me (I've hated every interaction I've ever had with Logmein-created software), but a PE ratio over 1000 is still kinda nuts. That being said: This has nothing to do with IPOs. Zoom IPOed at a much more reasonable price, and the public market (rightly or wrongly) has decided Zoom has a great future. This is all well past the IPO process, has nothing to do with investment banks or greenshoes or the first day bounce or any of that. So while yes, you can poke around public markets and find things that look mispriced, that's just a thing that happens (and has always happened) in public markets. (Also, history suggests it's a lot harder to correctly identify bubbles than you'd think...) In other words, I don't think your wrong, but I'm not sure there's anything systemic here. Saudi Arabia has a lot of money, they want to invest it, they're not super good at finding investment opportunities, so they've managed to throw some of it away on dumb things like robotic pizza trucks, or buying Adam Neumann a lot of houses. That's bad (for the investors), and weird (for all of us watching from the sidelines), but I don't know that it means much.