One fairly dependable sign of the approaching end of a bull swing is the fact that new common stocks of small and nondescript companies are offered at prices somewhat higher than the current level for many medium-sized companies with a long market history. (It should be added that very little of this common-stock financing is ordinarily done by banking houses of prime size and reputation.)
―The Intelligent Investor, Chapter 6

IPOの過熱、マイナーな企業の株価高騰、この条件が揃うとやばい。

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