Joshua Roberts

speaker

171 appearances 2 recordings 1 series first heard Jun 2026 last heard 27 Jul

Joshua Roberts’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 2 in all, peaking in Jul 2026 with 1.

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The Intelligence from The Economist · Focused group: Ukraine is now Europe’s war · 3 Jun 2026 podcast

And the IPOs are actually very small compared to the size of that.

Take SpaceX.

It's planning to raise about $75 billion in its IPO, a huge amount.

But the total value of America's stock market is more than $70.

trillion dollars.

So if these firms are included in indices only at their market weights at the start, SpaceX, for example, you'd expect to be about 0.1% of the S P 500 index.

So I probably shouldn't worry too much about that.

Well, not quite.

And there are two things to think about here.

One is that overall IPOs tend to be a bad investment for ordinary investors.

There's a lot of hype around them.

They initially get sold to big institutional fund managers, then they get released to the market.

That's what's going to happen with SpaceX.

On June the twelfth, it'll get released to the public market.

There's often a pop on that first day where shares are first sold to the public at a higher price than they are bought by the fund managers.

But in general, IPOs tend to underperform the rest of the market over time.

Jay Ritter, who's an academic at the University of Florida, has studied IPOs and their subsequent returns over the past few decades.

He's got a massive data set that goes back to about 1975.

And one thing that he's found.

Is that overall, over the three years after an IPO, the firm IPOing tends to underperform the broader market by about 20 percentage points.

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