Read on Twitter
My 2020 theme is that money has lost all meaning with crypto market mannerism diffusing other more conservative markets due to the Covid era macro & late stage capitalism. A thread 
The dominant narrative is that the retail investor is back with a vengeance, if it's boredom, Robinhood, or just FOMO, retail has taken a bigger chunk of trading since the tech bubble imploded.
and they're not gullible. Today's retail goes for fractional shares & ETP products for diversity. assets that are more available in a passive investor s' world, than ever before, not to mention the myriad of wealth platforms, fintechs, RObinhood & digitized brokerages
IF its the massive gains in equity & asset inflation FOMOing everyone & their sister. these retail investors want access to more sophisticated instruments & IPO pipelines for the pop.
the uncertain investor reality of the first lockdown & Black Thursday in March led to a freeze on new IPOs, who shifted their concerns to managing the risks of the Covid reality with broad cost cutting & a changing consumer environment & a constrained global supply chain.
That palpable fear led some late stage tech companies on the verge of an IPO to pursue another financing round at Q2 to ensure they have the cash on hand to weather the Covid chaos. In hind sight Covid enabled companies to trim the fat & go public w/more appealing value proposal
All of that led to a massive pipeline of IPOs & pent up demand for the pop in a bluish market on the fumes of brrr cash. The traditional pop has gone into crypto gears from the pres-sale structure. Unlike in the past,, these IPOs were pre-sold to a select few institutions
This undid the more traditional investment bank underwriting route where several banks competed for pre-listing distribution https://www.businessinsider.com/airbnb-bets-for-mutual-fund-managers-fidelity-principal-2020-12
in the past 3 months over $157 Billion has been raised on public markets. With 4-5x multiplier on the valuations in financing rounds earlier this year most of these gains are exclusive to a small exclusive pool of first-tier VCs & the institutional who came in at round F.
as always those are the usual VC players who build up valuation narratives to inflate the cash on hand before a liquidity event. it's not a coincidence that we're always talking about the same funds cashing in on IPOS https://www.wsj.com/articles/tech-ipo-bonanza-yields-riches-for-venture-capital-firms-11607714745?mod=tech_lead_pos1
Unlike in the past,, these IPOs were pre-sold to a select few institutions who in return made a bang on just buying early, deflating the float at listing & waiting for retail to FOMO. he trend started with $SNOW, but peaked last week with DoorDash & AirBNB.
Unlike the novel direct listing which brought spotify & such to public markets without raising new capital, these IPOs managed to even deflate the capital they raised on the market, leaving money on the table. A week later Roblox & Affirm cancel IPO https://www.wsj.com/articles/affirm-postpones-initial-public-offering-sources-say-11607801619?mod=hp_lead_pos2
a lot of the pump is directly related to retail investors left out of the listing event, looming to buy these equities at a premium for that chance of riding the pump. Very retro 90s https://www.ft.com/content/cfdab1d0-ee5a-4e4a-a37b-20acfc0628e3
