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As of today, 15 of the last 50 IPO’s where down, with one exactly breaking even. I think most people would call 30% common.

2008 has 31 Total IPO’s, restrict that to 1+ billion and you are not talking about a huge list. Restrict that to an unusual few years and it’s easy for an abnormal but meaningless pattern to show up. But, we have no need to make such assumptions.

PS: Facebook is something of an oddity, opening day has technical issues which ended up inflating the price.

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