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BloombergTV interview
Skype-hype & the IPO Market


Press
"If IPO hopefuls encounter softness in their business, it will hurt demand for their shares." USA Today Aug 27

"Endocyte is desperate for money.  Investors aren’t going to bail out the (current) shareholders." Cinn Biz Journal Aug 27

"Full Circle would struggle to price at the high end of its $8 per share to $10 per share offering range."  SNL Financial Aug 26

Bramble Savings Bank:
  "Doesn’t sound like a very good potential investment
" Biz Courier of Cincinnati, Aug 20

GM: 
"Gaskins not wowed by General Motors’ IPO"  BizCoach Aug 19


GM:
"Steven Rattner, the former head of President Barack Obama's automotive task force, Rebecca Lindland, an analyst at IHS Automotive, Francis Gaskins, president of IPOdesktop.com, and Jeremy Anwyl, chief executive officer of Edmunds.com, talk about today's filing" Bloomberg Aug 18

GM: "Looks like GM should be worth no more than Ford." Wall Street Journal Aug 18

GM
"it's likely that taxpayers will get back only about half their $50 billion investment in GM when the U.S. government sells it's 60.8%" Aug 18 USA Today

MakeMyTrip:
"There's a taste for companies that will dominate a possible niche" August 12 ABC News

"RealPage priced it lower so there would be enough demand to bring shares back up" August 12

"Intralinks
interest payments are a large uncontrollable fixed expense.  It's not healthy.  It's a metric showing that the private equity people were desperate to pay back their debt."  August 6

"NXP
is s big company and it's branded but the competition is intense and it's time for them to make money. 
"The NXP IPO casts another negative pall on leveraged buyout offerings." August 6

"Intralinks can't make an operating profit with a 22%-plus market share?" August 4 Wall Street Journal

"Weakness in the hotel industry will make it difficult for Clearview to bring its offering to market" July 30 Business Courrierr of Cincinnati

"Chesapeake is a good deal and there's an easy comparison out there." July 29


"Molycorp
has to spend half a billion dollars over two years to get there and it may or may not come in on budget in that time frame" July 23

"Green Dot
advances 22% after IPO raises $164 Million"  July 22 LA Times

"Green Dot
has a lock on the big retailers" July 22 Reuters

"Green Dot 
has an advantage among equity investors because most of its direct competitors are privately held"  July 22 Bloomberg

Green Dot
“Based on the midpoint of that range, Green Dot has an adusted price-to-earnings ratio of 38.  Visa (V.N) has a price-to-earnings ratio of 22, but is a more mature and branded company” July 16

Ocado
: online grocer  in the UK  "What 'strains credibility' is that, by July 2011, Waitrose will be able to compete in an area that represented 50% of Ocado's gross sales in fiscal year 2009 -- the Greater London area. " July 15 Marketwatch

KKR "I don't think people are lining up to buy KKR at this time; the bloom is off the rose." July 15 ABCNews

Smarttech 
"One of the big concerns is whether Smart can continue to grow market share and earnings fast enough to justify a price-to-earnings multiple estimated at 51xJuly 15 Financial Post

Oxford Partners
"It's not clear they can make the dividend payments. The cash flow assumptions are aggressive." July 14 Reuers

“IPO companies that generate good fundamentals in a recession are definitely worth a look” July 12, Kiplinger

RealD 
"The 3D market is an embryonic growth market right now. If you get in early with a company that dominates the segment, you could do well." July 8 Reuters

Portrait Innovations “They’ve done well the past 18 to 24 months, even through the recession.  That’s important because you have to perform before you can IPO" July 8 Charlotte Business Journal

"Tesla brought in people who wouldn’t normally invest, a lot of inexperienced I.P.O. buyers.” July 1 New York Times


"AutoNavi
-- with a price-to-book ratio of 3.1 -- is richly valued compared with some competitors." June 25 Reuters

"Telsa (the electric carmaker) would be one of the few exciting IPOs of the year. " June 15 Reuters

"Underwriters are hungry to bring deals out.  This is a deal-by-deal IPO market." June 15, USA TODAY


"Well-known IPOs often attract retail investors, who can personally identify with the companies."  June 15 CNBC

"
"Where there's high volatility, the exchanges like CBOE do well." June 15, USA TODAY

"CBOE is a late comer to the IPO market, the segment isn't acting well, business is flat (except for May, 2010)." June 15 Investors.com

"CBOE is expected to have a smaller market capitalization than its rivals, making CBOE a potential acquisition target." June 14 AP

“If CBOE shares sold for $28 to initial investors, the middle of the expected range, that would make the exchange's stock more expensive than that of its rivals.” June 14 Wash Post


General Motors IPO: "If the global economy is still uncertain it's going to make pricing of the GM IPO more difficult."  June 11 Reuters

China New Borun is a way to play growth in China from a profitable company that's not leveraged."  June 4 Reuters

LPL Financial can get done, but it will depend on pricing.  They have a brand name and they are profitable." June 4 Interactive Investor

"Nobao has a low-tech business and no established history of successful manufacturing." June 1, New York Times

"Accretive Health's
relatively low offering price did allow the company's shares to jump 13 percent in their first day of trading." May 28 Reuters

"Mirion was seeking a premium of more than twice the median valuation of electronic measuring device producers" May 27 Business Week

At $25 CBOE would have a trailing price earnings ratio “of about 28, lower than NYSE Euronext (NYX.N) but higher than Nasdaq OMX (NDAQ.O), IntercontinentalExchange Inc (ICE.N) and Chicago Mercantile Exchange parent CME Group Inc (CME.O).  If the stock market were in a bull market CBOE could get away with (a high valuation), but it's not."  May 21 Reuters

At the original IPO midpoint price, Accretive Health was valued at 12.3 times its net assets." May 19 Business Week

"HCA is  trying to ride a wave of enthusiasm for health care stocks," May 7 Washington Post

Two China IPOs: “Worried about Charm’s future revenue growth, because the (primary) contract expires in 2011. MIE could be pricier than dominant Chinese oil firms like PetroChina and Sinopec Shanghai Petrochemical Co.”  May 3, AP


MIE  is looking for a rich valuation. Has a price-to-book value of 2.6, compared with 1.9 for rival ROC Oil Co Ltd (ROC.AX). Larger competitors PetroChina and Sinopec come in at 1.7 and 1.3, respectively.” April 30 Reuters

Alpha and Omega’s gross margins were low for a chip company.  "Material weakness" in its accounting may have spooked investors.” April 29 ABC News


"SPC Commerce seems expensive but most successful pay-as-you-go software-as-a-service companies with recurring revenues always seem 'expensive,'"  April 22 INVESTOR'S BUSINESS DAILY

"Weakness in the pricing indicates underwriters bringing the IPOs to market are overestimating investors' enthusiasm,"  April  22 USA TODAY

"Competition from big-name firms, as well as a wave of consolidation, poses a significant threat to Mitel,"  April 21 theGlobeandMail

“8 IPOs this week. They're going to be competing for mind-share," April 19 CBSnews

"Mitel is overpriced. The last three quarters were flat and they barely made money in January if you back out the non-recurring adjustments."  April 16 Reuters

"There is an existing public company with better gross margins and price-to-book ratios than Metals USA, and that is Reliance Steel & Aluminum.  Anyone who wants to participate in expected growth in the sector could do better owning Reliance." April 10 WSJ

"Metals USA competitor Reliance Steel & Aluminum Co. was a 'better buy' for investors because it is more profitable." April 9 CBS News

"Right now (April 1) , these IPO companies are leaving money on the table, and that's like honey to bees.
 
"This (Primerica) is the first time I've seen a private equity firm make a big commitment at the public IPO price.  Normally, they get sweetheart deals and public be damned. All investors needed to know for this deal was that they were paying the same as Warburg Pincus.""  April 1 Business Wk   Singapore Press

"But Primerica still sold at a price-to-book value discount to Ameriprise Financial , MetLife   and Prudential Financial , which it identified in its prospectus as competitors" April 1 ABC News

"Meru is in a rapidly growing market and their last two quarters have been profitable, pre-tax and pre-interest" March 31

The IPO investor can get in on Primerica with the same terms as Warburg. There appears little, if any, risk in this IPO at $13.” March 30, Business Wk

"Warburg Pincus has put the Primerica Citi spinoff together and they expect to make money. If people buy at the IPO price they'll be buying right along with Warburg's price"  March 26 Reuters

Telegent’s IPO may command a market value of $1.2 billion in its IPO, and at that price, its price-to-sales ratio would be about half of MaxLinear’s” March 24, Bloomberg

"The IPO window has opened again.  The four recent successes may mean the deepest discounts on IPOs are finished for now as investors eye projected growth rather than a company's most recent results.
" March 24 msn.com

"Investor psychology has changed all of a sudden. It's not just pricing that's improved, it's the aftermarket activity.” March 24 WSJournal

“If Alma Maritime & Scorpio Tankers price at the midpoint of their expected ranges this week and next, they will have a 9 percent and 17 percent premium to their respective tangible book values” March 24

“Gaskins expects the China Lodging IPO to do well.” March 19 Reuters

"Investors are becoming less critical because the crash is further behind us. People need to invest their money and the stock market is up." March 19 Business Week

"Companies that go public through reverse mergers used to carry a stigma as being unable to do an IPO.” March 19 Cincinnati Business News

"Financial Engines' growth prospects, recurring revenue and increasing gross margins are attractive to investors"  March 16, Reuters
 
"So many IPOs have sold below their expected price range because investment banks had overpriced them.  That wasn't the case with Financial Engines." March 16, USA TODAY

"Financial Engines' recent revenue and profit growth have outpaced some of its competitors," March 15 Investors.com

"By any standard metric, Sensata is way overpriced. There are many other companies out there that have better income visibility and better balance sheets. March 8 WSJ

“Potential investors should be concerned about the (Baltic Trading Limited & Crude Carriers) companies' focus on the spot market."  March 5 LA Times

“If Sensata prices at the midpoint of its expected range, at $19 per share, it will have a valuation dramatically higher than some of its competitors.” March 5 Reuters

"The Anthera Pharma IPO is confirmation that there is an IPO market, but companies need to be aware of investor climate and price accordingly." March 1

 "
Chesapeake Mid-stream is a high profile, high marque company with cash to distribute, if anyone does their homework they realize the risk is for smaller companies without a big partner backing them. In their business, bigger is better. They have a powerful parent, good growth opportunities and visible cash flow." Feb 26

"Anthera Pharmaceuticals, especially with no revenue or regulatory approval, needs a more frothy market to make it." Feb 25  LA Times

"Clothing company Express was a leveraged buyout at the top of the market.  They have a lot of debt and they're in a low gross margin business." Feb 19

"Graham Packaging's enterprise value to earnings ratio was about 39, higher than competitors Ball Corp (BLL.N) and Silgan Holdings Inc (SLGN.O), which are about 22 and 33, respectively." Feb 12 Reuters

"(IPO) Executives continue to think their companies are worth more than investors do." Feb 11 USA TODAY

“Investors were hesitant about Terreno Realty because it lacks an operating history” Feb 10

"People are saying it's a lousy market, but there's a huge quantity of deals.  The problem is that while investment banks are selling a story to these companies, it's the individual investors who make up their own minds. If these deals were just priced reasonably, it would be a different situation."  Feb 8 Washington Post

"QuinStreet has an established business and may do well. The longer-term risk is how easy it is for ad agencies and others to do what they doing.  The problem they're having with DeVry may be the canary in the coal mine." Feb 8 Wall Street Journal

Tesla battery-powered electric 'ferrari' IPO: "If they get the funding they need, from the IPO or other sources, then I believe they might for a while show some decent sales, but if the niche becomes big enough then the elephants will step in, grow the market themselves and take the lion's share"  Feb 5 Globe & Mail

QuinStreet: "the company's growth is attracting some unwanted attention."  Feb 3 Investors.com

"Ironwood has potential as a business, but the company is not being 'realistic'with its IPO price." Jan 29 Business Week

"
IFM Inv (CTC, Century 21 China) is branded and has visibility, they're a player in the market. But people are afraid their income statement will be hurt" by the tightening of China's monetary policy Jan 28 Reuters

"I think Friendfinder is a case of going public or going broke. They're just too leveraged to stay afloat."  Jan 26 Business Week

“The Friendfinder IPO is hot, but not in the IPO sense.  The adult subscriber base is decreasing. Recently, sales have been flat and the company has had difficulty servicing its heavy debt load.”
Jan 25 ABC news

IFM's valuation is roughly in line with much larger publicly traded Chinese real estate services company E-House China Holdings Ltd, (EJ.N)”
Jan 24 Reuters

Telegent Systems Inc., a Sunnyvale, California-based chipmaker for mobile-TV devices, may be valued as high as $1.5 billion in a future IPO”
Bloomberg

"Investors shouldn't assume the busy week means the IPOs are good ones.  Only Symetra, backed by Berkshire, is attractive for investors. The true measures of the IPO market's health will come later."  Jan 22, USA  TODAY

Buffett Boosts Flowers, Berkowitz Pricing Symetra IPO  Jan 21 Bloomberg

"Symetra now has an estimated price-to-book value of 0.85, 43% less than the 1.5 multiple it would have based on the midpoint of the 2007 offering price."
Warren Buffett to retain shares

“The fact that he (Buffett) is holding his stock is a definite plus, It gives institutional investors a feeling of security.”
Business Week

"Five IPOs are scheduled for (this) week — that's high for January"
Investor's Business Daily


"There's quite an appetite right now for profitable companies"
IPO comeback in 2009 sets stage for busy 2010

"It's a public drilling fund with no tax advantages," he said. "They'd better find oil soon and fast."
referring to Cobalt Energy (CIE)

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