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.
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[ 2.0 ms ] story [ 19.6 ms ] threadI'd like to see some more covid in this conversation. There isn't enough covid in the title or the story. Please correct and try again.
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.