> That is not the case for stock purchases - the stock appreciates in value because the business it represents appreciated in value. There is absolutely no gua

> That is not the case for stock purchases - the stock appreciates in value because the business it represents appreciated in value. There is absolutely no guarantee that this is the case. It's still a gamble. It's just that by the time something IPO's it's much less likely to fail, but it's still possible. Private shares the same. Hence, my original point, it's just a matter of degree of risk.