This article written by Gerry Frigon first appeared in ValueWalk on December 18, 2019
Recently, the world witnessed the largest IPO ever. Saudi Aramco went public and just a couple of days later it hit the $2 Trillion level in market value. The company has been around in one form or another for decades and it is somewhat ironic that the world’s largest company, and the first to go public at such a valuation, is an oil company. Given the “unicorn-like” mentality of venture capital nowadays, one would have thought it would be a social networking application or a ride-sharing company, or a real estate leasing arbitrage company parading around as a technology company that would be the first to hit such lofty levels. One can only imagine that this is quite disappointing to the twenty-first century Silicon Valley venture mavens who are convinced windmills and sun-worshipping is the key to our energy future, but I digress. The real scandal in the news of this massive IPO has nothing to do with energy. Instead, it is the lack of energy that has persisted in the financing of core technology startups thus far in this century and has resulted in a persistent lack of IPOs in general... Continue Reading
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