Basically 99 out of 100 specs die in the ar*se. They might raise, say $20 million in an IPO, and then fa*rt around for a few years with placements and secondary raisings of another $30 million. A few years later, having not earned a dime they cark it.
What I am saying is, that if you add the returns of every single person who ever touched those shares, the net result will be a $50 million loss (plus trading costs). No amount of ramps and hype in between will make any difference to the final result.
However it is theoretically possible to stumble on the 1 in a hundred chance like PDN early on and make a lot of money. The other 99 times .....
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