Liquidity Now

It's 2025. Donald Trump is in office. Lina Khan is gone. The stock market is booming. And we're now all being trampled by the rush of startups looking to IPO.

Actually, hold those horses on the last one. There are a few companies looking to IPO, but it's a slow trot, at best. And actually, there isn't much indication that this will change any time soon. Given the lead times required to go public, perhaps the best we can hope for is that the latter half of the year is busy. But again, there's nothing really pointing in that direction right now. If anything, there are signs that the current status quo will stay the same for quite some time. The real question is if this will be the case going forward: is it "the new normal"?

Obviously, that's a dangerous thing to try and predict. The history of finance is littered with the bodies of those who dared to utter such words. Things tend to ebb and flow. And that would suggest that IPOs will be back, in a big way, at some point. But again, there are signs pointing to why this time may be different™...