I said nothing about efficiency. All I am arguing is that Airbnb didn’t screw themselves. No money was taken from them. They raised the money they wanted to raise at a price they thought would be tolerable by the public markets.
And handed all the gains on the first day over to the private allotment that was distributed from Wall Street banks to their top clients because no one else could buy shares. It’s total Wall Street bs.
Bill Gurney talking about the inefficiency of the ipo process on Wall Street and the inherent conflict of broker-client problem the banks carry with them.
