[rsynnott]

Don’t necessarily take IPOs as a signal; the early IPO is not as attractive as it once was, for a wide variety of reasons. Companies with no product taking hundreds of millions in private funding should arguably be seen as the modern equivalent.

[thunky]

If those companies fail, will it matter? NASDAQ had had a huge impact when it crashed, however.

[aurareturn]

But retail investors generally don't get hurt from those companies - only VCs.