Netflix had a successful IPO

Netflix had a successful IPO today. Google can’t be far behind in filing to go public. The IPO market in 2002 won’t be great, but quality companies still can make it out. I’m still scratching my head about Paypal, though. Sure, they have huge numbers of users and revenue growth. It’s hard to see (1) how they achieve sustained profitability, given the current and potential competitors, and (2) how they ever completely escape the risk of catastrophic fraud.