stuff i find cool

This article covers a lot of ground - a history of how tech firms have been IPOed at (what proved to be) extremely conservative valuations; the terrible estimates of terminal value that bankers have historically given private firms 8+ years into operations; why the author thinks that true terminal values can be more accurately estimated now. The main point is that, if this guy’s predications are accurate, you won’t really be able to buy equity in tech companies after the next round of IPOs and really capture much of the unrealized value, since everyone in on the ground floor is claiming to do a better job at realizing the true worth of the firm.