The only bullish corner of the market right now is IPOs.

The broader market has been steadily falling. The numbers may not fully show it, but it certainly feels like a bear market. IPOs, on the other hand, are a full-on party. Most recent listings have done well, and you can see it in the rush of activity.

I don’t remember the last time we saw such a stark divergence between the primary and secondary markets.

Strange are the times we live in.🙂

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