Say a company is about to go IPO. Some (most(?)) will have positions prior it happens. Some may start building months later once the insiders start to sell off. Some may join the game years later ? I heard P.T.Jones saying that he changed his mind about NFLX due one analyst, a while after it's IPO. What is the time horizon for institutional player, to make a decision, to build a position in the company ? Some may do it before IPO and at the most it can take up to - ... ? (E.g they realized that they were wrong about the potential of the company & decides to build a position) Thanks.