Great article for sure. I think the conclusion of traditional IB being a bartender and investors no longer wanting to be restricted by the bartender a very inte

Great article for sure. I think the conclusion of traditional IB being a bartender and investors no longer wanting to be restricted by the bartender a very interesting conclusion. It does beg the question who is there to take away the keys at the end of the night? It’s probably 50/50 that IBs actually played this role as opposed to regulators. It also helps to explain absurd valuations. In the absence of a set of rules, valuations can be anything as long as the story is good enough. As the legend grows, so does the treasure contained in the chest.