It’s like this: You’ve been waiting years now, and just when you think you’ve finally scored tickets to an all-inclusive luxury tent, complete with backstage passes to Coachella…

You strut in all hyped and ready to go…

And bam!

It’s open-mic night with Rick Astley whining out “Never Gonna Give You Up” until your ears bleed. You’ve been Rickrolled. Sure, funny at first, annoying seconds later.

And that’s pretty much what the IPO market is doing to us right now.

See, even though October has traditionally been one of the best months for IPOs, we’re not getting what we hoped for. In fact, it’s been somewhat brutal.

Especially brutal since we’ve been expecting the market to rip after years of relative dormancy. The only thing that’s been ripping is the hype.

Goldman Sachs…. They drop a prospectus and suddenly everyone’s acting like it’s the next iPhone drop-press tours, analyst love it, champagne for breakfast! 

Morgan Stanley? Their roadshows feel scripted by Hollywood: lights, camera… cut. 

Deutsche Bank turns even sleepy utilities co. into must-watch drama. They’re utilities.

Now, those names normally mean fireworks.

But even this lineup, this October, outside of hype, has been simply a snooze-fest.

Yes, there have been a few headliners out there that have hit the main stage, which we’ve covered in our IPO Stream premium newsletter, (Subscribe HERE)…

But overall, this fall, particularly October, has been nothing like we expected.

Have a look:

Now, at first glance this doesn’t look so bad, right? Every one of these IPOs are in positive territory (as of this writing) …

But looks can be deceiving.

See, those “gains” are from the issue price, not the open tick. Meaning, only pre-IPO shareholders are sitting on these gains… with most of them in a lockup period.  

They couldn’t sell if they wanted to.

Of course, it doesn’t mean the company’s listed above won’t rise even higher through the rest of autumn (we think some will, and IPO Stream Premium members know which ones)…

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But we haven’t seen a 100% popper with an October debut yet.

Especially a popper where we can get in on day 1 or 2, ride the wave up, up and up…

Then get out with a quick double.

Sure, we’re only halfway through the month… so the possibility of big runs are still on the table. But, after years of a very quiet IPO market, and with Wall Street hyping 2025 as the year the IPO phoenix rises…

We wanted more.

It doesn’t mean we won’t get it, it just means that selecting the right companies to invest in is not as “easy” as we were hoping.

See, retail, post-IPO investors, thought they got the all-inclusive tent tickets, with full backstage passes…

But only got tickets to a FEMA tent, with distant views of a single stage, very few performers… and a grilled cheese sandwich.

This is not the Coachella we were hoping for. It’s more like Fyre Fest.

Yes, we’ve been Rickrolled!

But, rest assured, I’m never gonna give you up, never gonna let you down, never gonna turn around and desert you…

Because believe it or not, there are actually a lot of good upcoming IPOs (some rumored) that I’ve got my eye on.

And yes, it’s harder to pick winners than I was hoping for, but that’s my job. The hard work.

Stay tuned and be patient, because I fully believe there WILL be doubles this year.

Tim