Re: Party IPO - The Smartest Poker Players in History?
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The IPO is a no-brainer if they can really do it at a valuation of $10 billion:
1. $10 billion is over 26 times last year's earnings, so they are getting a good price.
2. I think they are selling at the optimum time--the explosive growth of poker can't continue forever, eventually the weaker players lose too much money and quit. Also, if the U.S. bans internet poker, they will lose a huge chunk of their customers in the blink of an eye.
3. Liquidity.
4. Diversification.
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Ok makes sense. Who the heck would buy that though is beyond me. Reminds me of shorting Palm when it IPO'd.
Matt
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And google
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