Why did Square (N:SQ) go public? To make its venture investors richer. That’s why. As for the public, screw ’em. They can live with a stock that stays $12 forever. This is, quite seriously, what the chart looks like for almost its entire life as a public entity. Three words. Pa. The. Tic.
It could be worse, of course. They could be the other red-hot IPO, GoPro Inc (O:GPRO):