public investing

Klarna was the eighth US IPO to raise more than $1bn this year, up from a total of seven in 2024 but far below the 28 plus-$1bn deals in 2021.

We believe the best way to bet on the success of these reforms is simple: buy a portfolio of stocks trading at the lowest possible P/B multiple, prioritizing the quality of the assets on the balance sheet and the robustness of earnings and free cash flow generation, and then wait for the repricing. The playbook is crystal clear: as regulators drive... See more

“Outcomes have been strong, and if this market backdrop holds, total US IPO volumes are on track to exceed last year,” said Sumit Mukherjee, head of equity capital markets at JPMorgan.

“The pipeline remains robust through September,” he added.

With Europe’s microcap value stocks trading at 0.6x Price/Book today, we believe there is significant upside potential as fund flows continue to trickle down to the less liquid corners of the European market. These stocks also offer dividend yields north of 4%, so investors can be rewarded while they wait for mean reversion.

With smaller stocks trading at deep discounts relative to large caps, we believe the outperformance of domestically oriented firms following a historic realignment of trade terms may be ushering in a new Golden Age for Europe’s small and microcaps.

It’s not a market collapse that I see coming out of all this. That’s fire. All I can see is the long gray slog of stagflation. And I think that’s worse.

Sectors with the highest share of revenue from North America also tend to be the most expensive in Europe, namely Health Care and Information Technology, which trade at median valuations of 3.2x and 2.9x Price/Book, respectively.

Nothing lasts forever. The best teams, like the longest bull markets, see their dynasties end. However, emotions are slow to change. Skepticism still sees dips as opportunities to get richer, but dips lead to false rallies, and lower lows. Each dip down compounds the losses. Doubt turns to fear. Those that bought at any price in the run up to the... See more

The US market for initial public offerings has exploded back to life with the busiest week for Wall Street listings since a boom four years ago.

Buy now, pay later group Klarna, the Winklevoss twins’ crypto exchange Gemini and Blackstone-backed engineering group Legence were among seven large-cap companies that went public in the US this week, the... See more