Ed Elson

But part of getting there was a froth and a market that crushed early investors.

Or not early investors, but investors buying at what was, I don't know what you call it, the first peak, if you will.

Yeah, the IPO.

Yeah, Amazon and Cisco lost 90 plus percent of their value from 99 to 2001.

Obviously, Amazon came back and then some.

Cisco did not.

But these capital wars are...

are just extraordinary.

We've never seen anything like it.

And I got to think that in the next 12 to 24 months, one or two of these three companies is off 60 or 80%.

I just don't see how they maintain this momentum.

What you're doing is what we say a little bit not to do, but I'll engage in it, and that is you're trying to time the market, right?

And I understand that at these valuations, you may want to stay away from it.

I agree with that.

The

What typically an investment bank does, one of the reasons to go public is it's a branding event, and you only get to go public once.

And you want to manufacture scarcity and hype such that you get a pop.

And I've even said, advise companies that are going public, price well below the demand, because if you're up 40, 60, 80, circle went public at 200% pop,

the additional five or 7% dilution, which isn't the case here because they're raising so much money, but the additional five or 7% dilution from, or two or 3% from leaving money on the table, because technically you're raising money.

You could raise a lot more money at a lower dilution, but the branding you get when you're seen as, wow, this IPO,