'Don't bail out' the private-equity players who are fueling the latest IPO wave

David Trainer, founder and president at New Constructs, puts an initial public offering into the Danger Zone for the third straight week, always jumping on deals he considers overpriced before they are even out of the box. Trainer says that this week's pick, Birkenstock, is another company that can show profits, but where the private-equity backers are pushing to get way more for those profits than the market is paying for the competition. Trainer's last two picks -- ARM Holdings and Maplebear (Instacart) -- have dropped below their IPO pop prices almost immediately after coming out. In The Big Interview, Stash Graham of Graham Capital Wealth Management, says that"there is pain ahead" for the economy; he says the business cycle starting to shift in ways where the higher cost of capital caused by increased interest rates and the struggles consumers and businesses are seeing due to lingering inflation are going to hit home and create serious market problems. Plus, Ted Rossman discusses Bankrate.com's latest study, which shows that many consumers are responding to current conditions by starting their holiday shopping now, and James Abate, manager of the five-star Centre American Select Equity Fund, talks stocks in the Market Call.