Stripe is preparing for an IPO at an estimated $70+ billion valuation, so a friend asked me if I liked IPOs

First of all, you need to be able to answer the hard questions:

• Why go public now?

• Who's selling shares?

• What are the lock-up expirations?

• How will the proceeds be used?

• What is their competitive moat?

• Are their unit economics sound?

• Is their growth sustainable?

The reality is that most IPOs underperform

Why bother

Patience beats FOMO