Chase's article offers a very interesting buy-side perspective for the market. As an investor, I've been a sell-side investor many times, and my conclusions aren't entirely accurate. The final trend is determined by several key decisions made by the team, the timeframe, and a significant amount of luck. In the listing process, no one can have a god-like perspective; there will always be biases, and the more information you have, the more biases you'll encounter… From the exchange's perspective, an overly stable team isn't necessarily a good thing.