Reading “The a triumph of Value Investing” and there is a quote about IPO’s I wanted to share.

“In a study of 2,895 IPO’s between 1968-1998, the average annualized returns were a horrifying negative 45%”

And

“But one thing is fairly clear: a rash of IPO’s often signals a high point in a bull market”

So I decided to check that out. As end 2020 and early 2021 we’re as overvalued a market as I’ve seen, here’s what I found:

I will be paying attention to IPO issues during the next bull market😉