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What You Need to Know to Pick an IPO
April 7, 2019 | WSJ | By Andy Kessler.
Dig up dirt on the competition and board members, and buy to hold long-term.......How do you know which IPOs to buy? No, not to trade—you’d never get it right. Lyft priced at $72, traded at $85 on its first day, then closed at $78, only to fall to $67 on its second day. It’s now $74. I’m talking about buying and holding for a few years. Yes I know, how quaint.

The trick is to read the prospectus. What are you, crazy? That’s a couple hundred pages. Well, not the whole thing. But remember, where the stock trades on its first day is noise....... So understanding long-term prospects are critical. Here are a few shortcuts.

(1) First, glance at the underwriters along the bottom of the cover. On the top line are the banks putting their reputation on the line. If the one on the far left is Goldman Sachs , Morgan Stanley or JPMorgan , you’re probably OK.
(2) open the management section and study the directors. Forget the venture capitalists or strategic partners with board seats—they have their own agendas. Non-employee directors are the ones who are supposed to be representing you, the public investor. And their value depends on their experience.
(3) OK, now figure out what the company does. You can watch the roadshow video, look at prospectus pictures, and skim the offering’s Business section. Now ignore most of that. Underwriters are often terrible at positioning companies to the market.......when positioning companies, only three things matter: a monster market; an unfair competitive advantage like patents, algorithms or a network effect; and a business model to leverage that advantage. Look for those. If you can’t find them, pass. Commodities crumble........read the Management’s Discussion and Analysis. Companies are forced to give detailed descriptions of each of their sectors and products or services. Then flip back and forth to the Financials, looking at the items on the income statement and matching them up with the operations being discussed. Figure out what the company might look like in five years. And use my “10x” rule: Lyft is worth $25 billion—can they make $2.5 billion after-tax someday? Finally there’s the Risk section, which is mostly boilerplate but can contain good dirt on competition.
(4) Put the prospectus away and save it as a souvenir. Try to figure out the real story of the company. Do some digging.
(5) My final advice: Never, ever put in a market order for shares on the first day of an IPO.
10x  advice  algorithms  Andy_Kessler  boards_&_directors_&_governance  business_models  competitive_advantage  deception  due_diligence  howto  IPOs  large_markets  long-term  Lyft  network_effects  noise  patents  positioning  prospectuses  risks  stock_picking  think_threes  Uber  underwriting  unfair_advantages 
13 days ago by jerryking
Tether
Tether is a JavaScript library for efficiently making an absolutely positioned element stay next to another element on the page. For example, you might want a tooltip or dialog to open, and remain, next to the relevant item on the page.
css  javascript  positioning  js-library  layout 
4 weeks ago by aagd
davidson16807/relativity.scad: The OpenSCAD General Library of Relativity
The OpenSCAD General Library of Relativity. Contribute to davidson16807/relativity.scad development by creating an account on GitHub.
openscad  cad  library  relative  positioning 
9 weeks ago by tranqy
Link Podcasts at Certain time - Technical Issues - Freedomain Radio Message Board
Conversation from a retired board about sharing podcasts using a link at a timestamp marker.
podgems  Positioning  marketresearch 
january 2019 by brainflurry
Design in Enterprise Software Companies
Product design communicates product positioning. Product design is fundamental to a product’s core value proposition. Product design enables new paths to market. Yes, yes, and yes.
product  design  gtm  positioning 
december 2018 by ft
Brain’s Positioning System Linked to Memory | Quanta Magazine
Evolution reusing things, so animal navigation being used for higher brain functions perhaps...
brain  biology  memory  navigation  mapping  positioning  learning  education  research 
december 2018 by asteroza
Absolute Positioning Inside Relative Positioning | CSS-Tricks
A page element with relative positioning gives you the control to absolutely position children elements inside of it. To some, this is obvious. To others,
Relative  absolute  css  positioning  csstricks  css-tricks 
november 2018 by jwithy

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