Narrative Distillation – The shifting sands of tech IPOs

Great article for sure. I think the conclusion of traditional IB being a bartender and investors no longer wanting to be restricted by the bartender a very interesting conclusion.

It does beg the question who is there to take away the keys at the end of the night?

It’s probably 50/50 that IBs actually played this role as opposed to regulators.

It also helps to explain absurd valuations. In the absence of a set of rules, valuations can be anything as long as the story is good enough. As the legend grows, so does the treasure contained in the chest.

This was one of the best things I’ve read all year on HN. Related, I have no clue why this wasn’t the top article all day on HN

"i honestly wrote this entire piece only as a setup for this joke. and i have no regrets." Awesome!