Incorrect!! Ethereum had an ICO and the price was $0.30 look at the price now. EOS is a good long term investment you just gotta buy at the right price.
There will be an over supply of coins by the end of the ICO. However, the reason the coin has done so well is because of the technology behind it they are calling it "Ethereum on Steroids".
Furthermore it has a great team behind it and have other successful projects like Steem, Steemit.com and Bitshares. Which are still very undervalued at the current high that it is.