I wanted to share with you the early performance of an initial public offering. Pretty dismal, huh?
The above dog is none other than Netflix. You can see its lousy performance on the extreme left side of this chart. Suffice it to say, it really didn’t matter in the end. It is up literally about 44,000%.
I wanted to highlight Netflix not because it was reaching a new lifetime high (which, for instance, Amazon is) but simply to illustrate how well-formed the long-term and medium-chart chart continues to be. In spite of the very rich valuation of this creature, it continues to be seen as a “safe haven”, which years ago would have been perceived as hysterically funny.