The Skew in the IPO Market

In good times, somewhere between 30 to 50% or a little more of these IPOs generate negative returns. Even though the median deal that you might have invested in didn't make any money, on average you did because of those handful of winners. The value proposition of IPO investing for the decade of the 2010s was a positive experience and then look what happened from those 2020 and 2021 IPOs. They really kind of decimated the history of this thing.