I might sort of agree with it

As months ago ICO were selling like hotcakes where ICO would instantly hit hardcap within hours, minutes or even seconds.

Then too many ICO came out, if you ever take a look at Etherdelta. Most token were sold there before they were listed to exchange at under ICO price. Some even went -40~50% of its ICO price.

I wouldn't say ICO is not profitable, but ICO should be a long term investment instead of short term flipping.