MS - 2020 IPO Bubble Just Reached Dot-Com Levels

• Expectations are coming in for 2021. Despite the strong recent gains and record valuations, analysts and investors are expecting even more upside based on "the new normal".
• The IPO market has proven to be an extremely valuable indicator for future returns. Investors are clearly missing its recent red flags.
• I provide IPO data which assumes that the market is getting in a bubble similarly to the dot-com period. The included charts tell us more than a million words.
• Despite this bubble, there are still significant opportunities in today's market. At the end of the article, I provide an interesting strategy to find undervalued stocks today, including a favourite pick.

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