Sam Dickie

But, you know, again, amazing companies doing amazing things and, you know, unprecedented things, but amazing valuations also.

Absolutely they can.

There's many, many examples of that.

And history tells you, again, we have no idea how this IPO is going to go, but history tells you that if you're priced at a premium to sort of 20 or 30 times revenue, you pop initially when there's some sort of mechanical buying, which we can talk about in a minute.

But then over the next three years, you typically do pretty poorly.

And Facebook's a great example of that.

I think the stock was down 50% after the initial enthusiasm, which, by the way, was the buying opportunity of a generation.

So a lot of sort of gyrations to go through on these stock prices in the next sort of two, three years, I would say.

Yeah.

That's right.

No, incredible.

And again, that is important.

Facebook was back in the day, right?

Incredible to say that.

And they were not part of this new phenomenon where you can raise huge licks of capital in the private markets and bring it fully baked to the public market.

So they went public a lot earlier in relative terms than these two companies had.

So there was still a lot of salt left on the bread or a lot of value left on the table.

But I do think those historic analogs are interesting.

That's right.

A lot of rules are being changed this time around as well.