Why would it be a good thing for the Middle Class to participate in IPOs which are typically skewed against them? The IPO process is one in which you're usually buying into a company whose price has been bid up considerably (these are "Growth" stocks).
I think it's been proven that investors aren't adequately compensated for taking on "growth" risk. The risk premia attached to "growth" doesn't outperform passively owning the index over long periods of time.
Seems like all A16Z is trying to do is juice the IPO market for more liquidity (from dumb money middle class investors) so that they can have an easier time exiting when they're ready.
I think it's been proven that investors aren't adequately compensated for taking on "growth" risk. The risk premia attached to "growth" doesn't outperform passively owning the index over long periods of time.
Seems like all A16Z is trying to do is juice the IPO market for more liquidity (from dumb money middle class investors) so that they can have an easier time exiting when they're ready.