Red Hat IPOed over 20 years ago in the middle of one of the most spectacular bubbles we've seen. The world is very different now. On top of that, yes I'd argue

Red Hat IPOed over 20 years ago in the middle of one of the most spectacular bubbles we've seen. The world is very different now. On top of that, yes I'd argue Red Hat is an outlier and exception whose success is as much result of good luck and timing than anything else.