Bill Gurley

I mean, automated trading was implemented in the late 50s and match supply and demand is understood by any first year comp size student or first year finance student.

And yet that's not how they allocate.

It's not how they determine prices, not how they allocate shares.

So regardless to the Figma IPO or any IPO that traded up or down, the right and fair thing to do on an initial offering is to let

price win you know and to allocate shares based on whoever is willing to pay the highest price it's how every stock opens for trading every single day like these techniques are known and it's how a direct listing works and ironically it's how an initial coin offering works so that's how you know anyone in the crypto world would would match supply and demand and

We've just gotten used to that not being the case in the public markets.

And these stocks are all mispriced because you're... And here's another huge irony.

The next morning, it's like an hour to open.

They're opening it the way you do a direct listing.

That next day, they do match supply and demand.

And the reason there's a gap is because they didn't do it the night before.

It's really sad.

I'm surprised.

I'm personally surprised

that more people aren't astonished at it.

And I'm surprised that people aren't embarrassed by it.

But the long-term clients of the investment bank get a free one-day pop, and then they give some of that money back through overpriced trading.

So the money flows back to the investment bank.

I had...

this moment in my life almost 10 years ago where I was reading biographies, a lot of biographies, and I noticed a through line through some of them.