What we’re reading (7/2)
“IPO Boom Times: Public Markets Hit Record Highs” (Axios). “It's been a banner week for public markets. They're not only hitting new record highs, but they're also successfully allocating billions of dollars of fresh capital to a slew of companies going public in IPOs…[t]he current market is liquid and predictable enough for the bookrunners to be able to do their job well, allocating shares to institutional investors at a price just below where the market ends up valuing the company.”
“Robinhood Unveils Long-Awaited IPO Documents That Reveal Staggering Growth” (Business Insider). “Robinhood, the popular retail investing app, publicly filed for an IPO on Thursday. The company's S-1 document filed with the Securities and Exchange Commission revealed plans to be listed on the Nasdaq stock market under the ticker symbol HOOD…[i]n the filing, Robinhood revealed it had 18.5 million funded accounts and $80 billion in customer assets as of March 31[.]”
“Older Americans Stockpiled A Record $35 Trillion. The Time Has Come To Give It Away.” (Wall Street Journal). “The greatest wealth transfer in modern history has begun. Baby boomers and older Americans have spent decades accumulating an enormous stockpile of money…[n]ow they have started parceling it out…, unleashing a torrent of economic activity including buying homes, starting businesses and giving to charity. And many recipients are guided by different priorities and politics than their givers.”
“Fed Could Be A Surprise Catalyst For The Markets In Holiday Week” (CNBC). “The quiet holiday week ahead could hold some fireworks for investors if the Federal Reserve reveals its thinking on its bond buying program…[t]here are very few economic reports of note, aside from ISM services data on Tuesday. But the Fed’s minutes from its last meeting will be released Wednesday afternoon, and there is potential for the market to learn more about the central bank’s behind-the-scenes discussions on winding down its quantitative easing program.”
“Hedge Fund Launches Are Surging” (Institutional Investor). “In the first quarter of 2021, 189 new hedge funds were launched, the highest number since the end of 2017, according to data from Hedge Fund Research.”
