John Stepek

No, no, no.

You know that, obviously.

No, definitely.

And actually, there's one statistic that I wouldn't mind kind of mentioning before we go.

There was an interesting table I saw from Brent Donnelly at Spectra Markets.

And he'd kind of like picked up on this list that someone else had done, which was the largest IPOs of the last 20 years.

So like about, I think there were about 30 odds of them in the list.

And he looked at the price at which they closed that on the IPO day.

And then he looked at what was the maximum drawdown within a year.

So what was the biggest drop at any point from that?

And every single one of them had gone lower, at least at some point during that next 12 months.

And the minimum kind of drop was 20%.

And the maximum drop was 90%.

And the 90% was actually for Robinhood, you know, the American investment platform.

Yeah.

And obviously that's very successful now.

And it's trading much, much higher than its IPO price.

But the point is, for every single one of these IPOs, you've got a better opportunity somewhere within the next 12 months to buy it.

So I think that's the other thing to remember.

Frequently, IPOs might pop on the day, but then they quite often kind of retreat again quite quickly by the sounds of it.