Imagine that your stockbroker came to you and told you that there was a great new IPO you had to buy. It was a company called “BING.”
Bing was not a new company. Bing had been in business for about 15 years, during which time it had lost a cumulative $8 billion. But Bing had a new product—a search engine—and this product, unlike all of Bing’s previous products, was going to be a huge success.