Frames IPOs — especially high-profile tech ones — as historically underperforming and structurally biased against retail
Relies heavily on Ritter’s research to emphasize long-term underperformance and investor harm, especially during 'windows of opportunity' when retail is most exposed.
“Among companies with more than $100-million in sales that came to market at more than 40 times trailing revenue, 12 of 14 subsequently underperformed the market over the next three years.”
