Greedy, Sloppy, Silly …The IPO Market of 2019 Continues

I wanted to share two more GREAT takes on the WeWork IPO.

First is Matt Levine from Bloomberg.

Next is Ben Thompson’s piece. I love how it opens…

There is a reason — beyond the fact it is August — that WeWork’s upcoming IPO has driven so much discussion: it is a document defined by audaciousness, both in terms of the company’s vision and also the flagrant disregard for corporate governance norms by its leadership. And, of course, massive losses despite massive amounts of capital raised. I suspect all of these things are related.

Ben ends his piece by mentioning that WeWork is basically the poster child of this era of ‘unlimited capital’.

The term ‘unlimited capital’ is being used quite a bit these days. The long boom, easy money, and low interest rate markets of the last 10 years have people thinking ‘unlimited capital’ is here to stay.

I’m with Fred Wilson on this subject in that I don’t think there is unlimited capital.

We will pay a price for this ‘unlimited capital’ sloppiness and greed.

I don’t know when because timing the end is a fool’s game…unless of course you have ‘unlimited capital’.

At times like this I love referring back to this great Richard Dreyfuss riff from Jaws.