Summary:
VC Bill Gurley's reaction to the New York Times article on the IPO drought. Based on conversation with mutual fund managers, disagrees with gist of article that says that the buyside doesn’t want the companies being backed by VCs. Many of the leading large capitalization technology companies have seen flat stock prices for as many as seven or eight years. Without a robust IPO market, these investors are not able to balance this lack of growth in their current portfolios. Gurley thinks the problem is with the supply side: as opposed to 1995, today no one wants to manage a public company anymore. Reasons are understandable: Sarbanes Oxley; 12b1 trading rules; shareholder litigation; option pricing scandals; personal liability on 10-Q filing signatures. (Published: 30/06/08)
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