Today’s Animal Spirits is brought to you by Interactive Brokers.
On today’s show we discuss:
- AirBnb (S1)
- It’s a record year for IPOs
- It’s been a windfall for IPO investors
- AirBnb is worth $54 per share. LOL.
- There’s a debate on how to price IPOs
- In defense of the IPO (A16Z)
- Affirm postpones IPO
- DoorDash also surged
- A history of IPOs
- Evictions are coming
- Microsoft’s borrowing rates are in line with the U.S. treasury
- Derek Thompson was the first half MVP
- Some more student loan stuff
- YOLO structured notes
- Stripe is going to be huge
- Read Packy McCormick. Get smarter
Listen here:
Recommendations:
- The Godfather Part II
- The ReWatchables
- Is This Anything?
- The Geography of Madness: Penis Thieves, Voodoo Death and the Search for the Meaning of World’s Strangest Syndromes
- Jamie Catherwood’s Finance history course
Charts:
Tweets:
Airbnb CEO & Co-Founder Brian Chesky reacts to the company's IPO price more than doubling ahead of trading ▶️ https://t.co/bCnDxeBLWU pic.twitter.com/9FGV5gYmhd
— Bloomberg (@business) December 10, 2020
There was a debate in 2015 about if a basket of late stage private co's were a bubble or just expensive, but they appeared rich vs public markets.
Today it is flipped and late stage private markets are apparently at a discount to public markets. Which means more supply cometh.
— modest proposal (@modestproposal1) December 9, 2020
GOLDMAN: $61B in SPAC IPO proceeds is "currently searching for acquisition targets. Based on their 24-mo post-IPO expiration dates, these SPACs will need to acquire a target in 2021 or 2022, nearly equal to the total enterprise value of SPAC deal closures during the last decade"
— Carl Quintanilla (@carlquintanilla) December 14, 2020
There is nearly $1 billion of SPAC IPOs TODAY
This is after nearly $1 billion of SPAC IPOs YESTERDAY
All these deals are MASSIVELY OVERSUBSCRIBED
Where is $1 billion PER DAY coming from?
— The Arbitrage King 👑 (@JulianKlymochko) December 9, 2020
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