Jason Hall

Now, here's the thing.

That's who's buying the IPO, right?

As retail investors, we're not buying from the company.

When the stock debuts on the market and starts trading on the NASDAQ and the New York Stock Exchange, we're buying shares from those underwriters, right?

We're buying from the people that bought the IPO.

Yeah, Rachel and I actually agree on the downside, so I'm going to let her take that.

But I do think there is some upside.

There's a couple parts of it.

First of all, I think it's more...

that the indices are starting to acknowledge the need to at least consider evolving with how the market for IPOs has changed.

We're going to see more and more companies.

We've already seen it happen where companies are staying private much longer.

That means they're getting much larger.

That means they're getting more stable.

And I think that means that if we see a company go public, that would normally be

would qualify for the S&P, large enough, but also four straight quarters of profitability and a clear path of remaining profitable, then it does make sense for it to get included a little bit earlier.

Now, what about the NASDAQ 100 thing?

That wasn't the question, but I'm gonna answer it anyway.

I do think that there's maybe reason to be a little more leery about that because there's no requirements around profitability for NASDAQ 100 companies.

So if you have a giant AI startup like Anthropic that's still burning lots of money, go public and get pulled in, there is certainly more risk for investors in that sort of situation.