"La moraleja de la historia es: no persigas las IPO calientes. La caída promedio en el primer año es del 55%. La caída mediana en el primer año es del 54%." "Moral of the story, do not chase hot IPOs. The year one average drawdown is 55%. The year one median drawdown is 54%."

… probably at the time skyrocketed when it first launched, went way up. And then was a lot of exit liquidity for early investors. Those are three specific examples. Let's look at an even bigger set of examples. So we're seeing Facebook Twitter Alibaba Shopify Pinterest Zoom Dropbox Robinhood Roblox, DoorDash, Palantir. Many, many different examples. Moral of the story, do not chase hot IPOs. The year one average drawdown is 55%. The year one median drawdown is 54%. Now two big caveats. Number one, if we look at a week out, a month out, three months out, on average, a week later, companies were up, some as much as 20%, 30%. Of course, some down, but one week later, it was up. One month later, most of the companies were still up. Three months later, yeah, companies still up. Of course, some of the companies ha …

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