What is Buffett's point when he wrote the following in this 1993 letter to shareholders: "

[An] intelligent investor in common stocks will do better in the secondary market than he will do buying new issues[IPO] market is ruled by controlling stockholders and corporations, who can usually select the timing of offerings or, if the market looks unfavorable, can avoid an offering altogether. Understandably, these sellers are not going to offer any bargains, either by way of public offering or in a negotiated transaction."

An IPO is like a negotiated transaction the seller chooses when to come public and its unlikely to be a time thats favorable to you. So, by scanning 100 IPOs, youre way less likely to find anything interesting than scanning an average group of 100 stocks."

A) Buffett is highly suspicious of finding bargains in IPOs

B) Buffett made most of his money by participating in a large number of IPOs

C) Buffett is very bullish about IPOs, especially during good (rising) markets

D) Buffett prefers to participate as a venture capitalist instead of as an IPO investor.