Two sides of the coin

New company + IPO + new business. Based on everything I've always written about the three topics above, we should not be doing the cover story of 'Wealth Insight' November 2023 issue. IPO investing is hard, small companies are harder, and companies that invent new businesses (especially digital ones) are even harder. That's true for the set of companies that we have this time. Many of these companies are not great businesses; some are struggling, some have never made any profits, and some may never do so. For this very reason, I have been heavily critical of some of them. However, for this cover story, that actually does not matter. As investors, the first part of our job is to absorb knowledge about business trends and businesses. Only after that do we start analysis and selection, and finally, we reach the stage of investing. To identify one successful business, we may have to look at dozens which are n