Great interview with Jim Koch of Boston Beer here's an excerpt:
I remember when we went public. We sold shares to the public, via coupons, on the six-packs. The investment banks hated it, but I was determined we were going to do it. We got $65 million in the mail.
We sold shares to the public, at $15 per share, and to the big investment banks and institutions, for $20 per share. I remember a fund manager berating me for that, and he says, "Wait a minute! You know, I buy lots of shares, I should be the one getting a lower price, not all these beer drinkers."
And I said, "Well, are you a beer drinker?" And he said, "No, I drink wine." I said, "Well, that's my point. I don't need you. I need all those beer drinkers. So they're getting the lower price, not you."
Here's the link:
finance.yahoo.com |
