The Responsible Unicorn

When Microsoft went public in 1986, it used to be an article of faith that a company couldn’t go public until it turned a profit. Not a path to profitability but profit. Then, massive investment banks took over the underwriting business. These banks have a different approach to risk. Also, they have different ownership structures and the capital they invest is not money from “someone” you have to say I’m sorry to if the investment goes sour. Read more...