A few weeks ago, Larry Fink released his annual letter to investors. As the CEO of asset-management firm BlackRock, Fink oversees more money than anyone on the planet — $14 trillion.
Picture this: SpaceX goes public this summer in the biggest IPO in history. It prices at a monster valuation of $1.5 trillion and opens for trading on the Nasdaq.
A decade ago, if you wanted to invest in world-changing private companies, you had one option: Wait. Specifically, you had to wait for a private company to go public in an IPO.
Tomorrow, something interesting (and potentially dangerous) is expected to hit the market: Robinhood’s new venture fund is slated to start trading. If history is any guide, the hype will be intense.
A few weeks ago, I published an essay titled, Klarna: Sorry, But I Told You So. In the essay, I walked you through Klarna’s IPO, explained why investors were salivating over it — then showed how investors got punched in the mouth when the stock fell off a cliff.