Indeed. They IPO'd in 1980, yet their stock price was below the IPO price for the majority of 1980-1987. It also fell to its IPO price for an extended period

Indeed. They IPO'd in 1980, yet their stock price was below the IPO price for the majority of 1980-1987. It also fell to its IPO price for an extended period of time between 1996-1998. You hypothetically could have waited 20 years after the IPO before investing without giving up theoretical gains.