More Perspective on the AIM

There is a very good artilce recently published by Heidi Levin of Northern Trust called AIM:  The Next NASDAQ.  She hits on a many of the same issues I've raised in previous entries. The biggest issue for venture capitalists with firms considering the AIM is liquidity.  I would argue that companies without the operating performance to attract new shareholders aren't going to provide their investors liquidity on any exchange.  AIM investors won't be "dumber" than NASDAQ investors, so I agree that the AIM won't be a return savior for venture capitalists.  However, I'm intreguied with the AIM's streamlined process which in and of itself is a huge value add.  What Heidi didn't point out is that AIM companies in the $250-$400 million market cap had similiar trading volume to comparable NASDAQ companies.  Proof that its all about quality and a liquidity savior does not exist.