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IPOs Have Only Had A Better Year Once - 1999
We previously discussed what happened the last time that IPOs were outperforming the broad market by as much as they are now but thanks to the exuberance of the last month, it seems we have broken another 'record'. Year-over-year absolute gains in Bloomberg's IPO index have only been higher once in history - in 1999; and current levels have been notable resistance for the exuberant spurts of the last 6 years...
The Bloomberg IPO Index (US) is a capitalization-weighted index which measures the performance of stocks during their first publicly traded year. It includes all companies with a market value of at least $50 million at the initial public offering.
(h/t Brad Wishak at NewEdge)
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All hail Obama! He truly is "The One".
Where is the purple and pink man? I am sure Prince digs our Dear Leader.
What does Zimbabwe's IPO market look like?
I haven't found any good info about Weimar Germany IPOs either.
All the e*trade babies in the house put your hands in the air & sing it with me like 'ya just don't care -
Hey!
Ho!
Will there be another race of central bankers
To come along and take over for us?
Maybe Martians could do as Krugman wants them to
Better than we've done
We'll make great pets.com
We'll make great pets.com
We'll make great pets.com
My friend says BernYellen's like Diocletian
Only BernYellen's doing us in
Much faster than they ever did
We'll make great pets.com
We'll make great pets.com
We'll make great pets.com
This has got to be the worst day in the history of the Dow Jones... DOWN A MIND STUNNING 0.5% IN ONE DAY!
It's because I can't buy pink sheets!!!
"But... look, see those birds? At some point a program was written to govern them. A program was written to watch over the trees, and the wind, the sunrise, and sunset. There are programs running all over the place. The ones doing their job, doing what they were meant to do, are invisible. You'd never even know they were here. But the other ones, well, we hear about them all the time."
The Oracle, Matrix Reloaded
Yep, this pretty much "describes" what is happening:
http://www.youtube.com/watch?v=2rMzrv9iKfQ
#tulipmania
The Fed will support it by increasing QE again and again until their doing $1 trillion/month.
And a dozen eggs costs $36, a loaf of bread $40
Grains, grains, grains are up, up, up. Producers shutting the doors everywhere as they can't afford to keep feeding livestock at 3x higher prices but "market" demanding their products for the same price. Government subsidies will only skew the picture and kick the can.
Money is worthless
How far back does the index go?
Looks like '07 & '09/'10 were as good as '13.
So, based on a quick visual of the chart, we've got about 9 more months before hitting the "peak"? Of course, we didn't have QEn+1 then, so looks like everybody should be all in stawks.
We're about 6 months from peak. Were just about the point where the curve goes vertical and blows out every short in existence.
2014: The new 2000?
Oh boy, you know what next year brings then. :(
It's the reason private equity groups should dumping all their holdings. At the peak.
Fund managers are falling all over themselves to get into IPOs at any price. Yes, at any price.
Twitter could have been offered at $40 and they would have bid it up higher than $50.
Any company that want's make a windfall should be IPOing. A sea of Fed money to go into loosing companies. The Fed will simply do an off-balance sheet on the losses. It disappears.
Do an IPO everyone while it's hot and grab all that money that's out there.
Every portfolio manager have to (not want to) have Twatter on their sheets for 12/31/13. Twatter will get mind boggling irrational. I see a $75 billion market cap by year-end.
Yup, it's not like it's real money. So why do I work my ass off for this bullshit stuff? You think I'm the only guy out there who is wondering why I take toilet paper in exchange for my labor?
Money is worthless. Give me something else.
I merely decrease my labor as the purchasing power of my salary depreciates.
So... if it weren't for that, I might've never found ZH!
I don't think that chart can be extrapolated. We all know the money has to go somewhere, the latest is Twatter, before that Apple, before that....??? Honestly, this is what we consider American innovation? Where the fuck is my flying car?
TPTB MUST come up with something to distract us. The rates getting lowered in Europe was a much bigger story, with much more impact and reach. So what do we do all day? We discuss this crap. I haven't bought a fucking share of anything for years, this has zero interest for me.
Don't play the game, or watch the pretty birdy.
“investors will be betting on Twitter’s ability to turn its massive network of users into cash returns, rather than any established business: ‘You are investing in management and its ability to work out what the business model is – it’s still so fluid.’ ”
Is Twit selling anything beyond tireless self-promotion, popularity on a spy network? What is revolving, besides debt? Go dot.com, the exit plan!
Artificial People, Artificial Intelligence & Artificial Worlds
If the morons are stupid enough to herd people into urban prison regulation and pollute the countryside to drive up real estate prices, do you really think they have any interest in space exploration? What are those satellites doing up there?
Do you really think that empire planes, trains and automobiles, loss leaders all, are going to get you anywhere you want to go?
Is a municipality in the country-side adopting best urban practices really a community?
How many grant writers does this world need?
If the kids are so damn stupid, why is Obamacare driving up the average age of participation, increasing the risk pool? And why are healthy seniors opting out of the ponzi?
War is stupid automaton behavior, and the vast majority is participating. Don’t be surprised when the asymmetric war comes to your door.
The empire always pays me, with interest and penalties, at the end of each artificial cycle. What it pays me to do is up to you. Fixing elevators or designing bombs is six of one, half a dozen of the other to me; I’m good at both, but couldn’t care less about either, eliminating observers prism. If the morons declare war, you may want to avoid dc control devices all together. If you want to de-escalate, discount the empire price of real estate; it’s completely artificial.
If you make everything you touch a little better than you found it, the empire line is held. Germany is going to prove once again that the last to lose is not the winner. It can’t fix its own elevators. Closed systems blow up when they reach the limit of diminishing returns. All systems are not closed.
Because the State of California is stupid is no reason to take it seriously. The San Francisco Fed is the least competent part of the system, a thread on a cheap sweater, and Yellen, the scapegoat, is going to prove it. One way or the other makes no difference to labor. Print all the smart infrastructure you want.
Do you know what really pissed off my ex-wives, bosses and co-workers? I made more than they did and gave everything away. And, surprise, surprise, always ended up with more crap than I gave away.
You have a clutch, a bomb and propulsion. NEVER SADDLE A DEAD HORSE.
What is zero divided by zero? What does that mean?
Re: Is Twit selling anything beyond tireless self-promotion
Twitter sells extroverts to sociopaths (advertisers).
Facebook sells narcissists to sociopaths (advertisers).
In 20 years, can you think of any place that will have more extroverts and narcissists than Facebook or Twitter?
Facebook and Twitter and the TV and Telephone of the 21 century.
Disclaimer: not planning on ever buying a stock in any company ever again in my life.
Well written and a pleasure to read.
In a concisely written blob (lots more than 144char), you have encapsulated why Twitter will fail. Thanks
Worthless "shares" in companies with no earnings, no dividends. The only way to make money is to sell it to a greater fool at a higher price in the future. Nobody thinks they are "the greater fool".
Did you see South Park last night?
The greater fool is the cow. What do the guys running Goldman, JP Morgan, and Citi call us regular folk?
It was such a great idea to let banks speculate in everything and regulate themselves.
In 1999 a Big Mac meal cost $3.10.
In 2013 a Big Mac meal costs $5.89
Twitter's worth billions, normal people take it up the ass to make it so.
Here's the funny thing. The wife asking her guy tonight how much he made on TWTR today. Thinking he's up like 80% or so and then he has to explain why he bought it at $46 .... That bed will stay cold. No business for him and she's thinking he is hiding his profits. HAHAHAHAHA
But the TV says investors in Twitter made 75% today.
How could a guy selling at $45 lose money if the IPO was $26?
Wait, you're telling me the IPO price didn't actually exist. How can that be?
yes, how can that be and what are you not telling me??? what is her name??? does she live around here?? (freakazoid psycho housewife who spend 2 hours on the shopping network buying and spending the 80% profit on her hubby's investment)
It does feel like 1999....
Same irrationality.
This time has more political noise, though, not that that matters