Benjamin Felix

You can also see similar underperformance if you look at Jay Ritter's data.

His data from 1980 to 2023 shows similar underperformance.

So that's just a broad picture of IPO data.

There are different ways you can slice it.

And I'll talk about that from a couple of different perspectives in a minute.

But first I want to talk about low float IPOs.

Before I do that, do you guys have any comments?

Not bad.

Maybe Mark McGrath can do that in his son's, whatever that is, RESP.

Triple leveraged in his RESP.

I'll send him a message.

He's got a new idea.

More realistically, and we'll talk about dimensional in a second, dimensional just excludes those types of stocks.

It's even more nuanced than that because not all IPOs are necessarily bad.

Let me keep going in the flow that I have this written down.

So those are IPOs.

They kind of suck as investments in a secondary market.

They're great if you're a holder of the private company shares.

They're great initially.

problem for employees of companies is they tend to have lockup periods.