I would say that about 96% of investors "buy high, sell low" because they can't stomach real volatility. How many mom and pop investors dumped their equity funds in the deepest depths of the recession? It's sad to think about. Much more important than access to a hot IPO is having enough capital, and enough knowledge, and perhaps enough reassurance, to hang in through the ups and downs. If you can give people that and a few broad-based, low ER index funds then they will do just fine.