StephenFischer
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this headline is just terribly misleading. it's great to highlight all the big consumer flops as a proxy for the entire market, since that is all the masses like to hear and talk about, but lets dig a little deeper. by my count there have been 24 VC-backed IPOs since 2011: 12 consumer and 12 enterprise. consumer IPOs have produced the following returns (average: -24%, median: -28%). enterprise IPOs have produced the following returns (average: 37%, median: 22%). More than 40% of enterprise IPOs have produced greater than 40% return from their pricing (not just poster boy of the moment workday). The S&P is up 9% and the Nasdaq is up 8% since 1/3/11. while i sympathize with some of the headaches public company managements have to deal with, it's hard to feel bad for the managements of underperforming stocks. these companies screwed up their cap tables, hadn't perfected their business models and accepted valuations where the only "acceptable" next step in their view was to go public.
these things always start an hour later than posted. first hour is to allow ppl to arrive and network.