Rain on the IPO Parade: November 2, 2026

SHRIER ASSOCIATES LLC
Wealth Management Strategies

Dear Client,

Few events draw as much excitement as a big company going public. This week's chart shows how sharply things can turn. Among the 20 largest public offerings since 2010, every company fell at least 39% from its high at some point during its first year of trading. The average maximum drawdown was 60%, fourteen of the twenty lost over half their value, and three fell by more than 85%. Many of these companies became household names, but even well-known businesses can experience steep declines soon after going public.

The lesson is not that new companies are bad investments. It is that excitement and value are not the same, and the most heavily hyped investments can carry substantial risk. Buying when attention peaks, especially with a large share of savings, is how investors get hurt. Our RiskFirst® approach is built to help investors participate in opportunities without taking unnecessary risks. We stay disciplined rather than letting market excitement dictate our decisions. Patience rarely makes headlines, but it tends to protect the investors who practice it.

Rain on the IPO Parade

Airbnb: -39%
ARM Holdings: -43%
Spotify: -46%
SpaceX: -46%
Doordash: -47%
Alibaba: -49%
Snowflake: -52%
Lineage: -52%
Palantir: -53%
Facebook: -54%
Snap: -56%
Coinbase: -58%
Rocket Co.: -58%
Coupang: -64%
Uber: -68%
Roblox: -69%
Lyft: -80%
Rivian: -88%
Robinhood: -90%
Didi: -91%
Average: -60%

Sources: Bloomberg, Redwood. Data as of 10/28/2026.

Regards,
Shrier Associates LLC

Disclosure: This piece is for informational purposes only and contains opinions that should not be construed as facts. Information provided herein from third parties is obtained from sources believed to be reliable, but no representation or warranty is made as to its accuracy or completeness. Charts and graphs are for illustrative purposes only. Past performance is not indicative of future results. Any indices shown are not available for investing. If there is discussion of any specific strategy, it is not intended as a guarantee of profit or loss. If objectives are mentioned, there is no guarantee that it will be achieved. RiskFirst® is a registered trademark of Redwood Investment Management, LLC.

Objectives mentioned are not guaranteed to be achieved. S. Associates LLC is a state registered investment adviser. Such registration does not imply that the adviser has reached a certain level of skill or ability and no inference to the contrary should be made. Please see firm's Form ADV Part 2A (Brochure) for more information on investment risks and strategies. Redwood and Shrier Associates LLC are not affiliated entities. Consumer Price Index (CPI) measures the overall change in consumer prices based on a representative basket of goods and services over time.

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