Investors still can’t get enough. The first-day return for IPOs averaged 40% this year, the highest ever other than 1999 and 2000, according to one estimate.
So I guess I'm not the only one surprised by Airbnb doubling on the first day. Of course, there was that guy who wrote the book with a title like Dow 30,000 and it seemed absurd, and yet here we are. Of course, if enough people make enough predictions, one of them is likely to be right about almost any given situation.
