Not a good word to describe the crap they are trying to sell the public these days. Vonage was pitiful and getting pitifuller (Don Kingism).
The other day, GolfSmith (GOLF – good symbol at least) was puked out on the public in the form of a stock IPO. I have no real firm opinion on the financials, but rest assured the Private Equity guys who funded this baby a few years back did well and are getting paid off out of this IPO.
I have nothing against GolfSmith the brand or the good Austin people that built this company, but the odds of this delivering good shareholder returns are miniscule. Tight margins, boring, crowded space with aggressive pricing all over.
The rush to get this out despite market conditions says more to the “just get this thing out there and trading” than anything else. Fees win! Shareholders lose.
So is there anything worthwhile on the IPO front? Web Bubble 1.0 gave me a very bad opinion of IPOs – so many traders, VCs, stock pumpers, all showed up to be criminals. Morally if not legally.
But it’s not all ugly. Love the new site, very clean design. Now you are lord of all you survey.
No reason to go public in the internet business. Build SELL, start over.
Our dream at Golf now is not an IPO but a sell to an internet property that sees building is more expensive than buying.
Chipotles which I owned after IPO was a winner. Just need to look harder