Subject: Re: Make Berkshire Compound Again!
You do realize that whenever you invest in the growth of an enterprise by buying newly issued shares of stock, you are buying when the company you are buying is selling, right? I admit it it, it is a paradox that the absolutely most fundamental way you make money in stock is by buying when the company you are investing in, the company you are betting will make you richer, is selling.

If it were JUST the company selling as a way to raise money to fund future growth, it would be perfectly fine.

But it isn't - it's the VCs selling, the round B, C, D, E, etc investors selling, it's employees selling, and it's management also selling. Nearly everyone is selling some at the IPO, and only public shareholders (individually and via myriad funds) who are buying. All those other investors are EXITING, or at least partially exiting, at the IPO. It wasn't always like that.