Ten years ago today I was waiting receive comments from the SEC on an S-1 filing for an IPO. Times were bright, the biotech bubble was inflating, but had not quite burst. The bubble burst on March 28, 2000 one day after we went public. We went out at $18.00 per share and our first trade was at $16.00 and we closed the first day of trading at $14.50. The IPO market has never recovered to those levels. Luck was on our side that day and we raised a lot of money, but the table was set for the rest of the decade.
It has been a tough decade for business. Nobody could have possibly forecast 9/11, the ensuing wars, the crash, the election, the housing bubble, the first step in nationalized health care, or the Boston Red Sox winning the World Championship much less twice.
I’m sure the coming decade will be full of more surprises many of which we have no control over. Take your opportunities when they present themselves. There is no such thing as the status quo.
Happy New Year and a Prosperous Decade to all!