Why IPO Booms Rarely End Well

One of the 4 horsemen

2026 will be the biggest IPO year in history. Bulls argue demand can absorb it. Maybe. But history also says periods when everyone suddenly wants to sell stock to the public have rarely been fantastic entry points. Here are the charts that made us a little less comfortable.

"An issuance wave is one of the 'four horsemen' of a market bubble." — Owen Lamont, Acadian.