Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a summary of a detailed note available to paid subscribers.
The initial public offerings market (“IPO”) remains stalled. It is not surprising given the underlying terrible returns generated from new issues from 2020 through 2024. Some observers have expressed hope for an IPO market recovery in 2025. The Rabid Capitalist expects that a rebound will be delayed until 2026 through 2028, resulting from the high volume of bad IPOs that must be resurrected or recycled.
An examination of intermediate-term IPO returns illustrates the fundamental problems in this market. Since 2020, new issues have had disappointing performance. Losers have overwhelmed the winners, both in terms of number and investment return. These results have been weakening since May.
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