> [3] When a company IPOs, it opens ownership up to anyone who can afford a share. Imagine, for a second, an investor arguing that this is a sign of low quality

> [3] When a company IPOs, it opens ownership up to anyone who can afford a share. Imagine, for a second, an investor arguing that this is a sign of low quality. I thought this note was important, this is precisely what investors signalled when startups started being able to crowdfund equity under Regulation CF.