Right, fine. So perhaps I should re-state my criticism as:
If you know this is the case, then why not bet 2% of your net worth on every tech IPO that you magically know will pop and make huge gains vs the wider market.<p>The answer is that you cannot do this because it is NOT TYPICAL. Plenty of tech IPOs flop but cognitive bias means you only remember the googles and apples and squares and not the 50% that go south of ipo price straight after launch.