Catching Up: Niall Ferguson, VC Investing, & Nasdaq IPOs

Catching up before a busy day:

  • Nasdaq saw the most first-quarter IPOs since the same period during the bubble (AP)
  • VC investing was up during the first quarter, but IT investing was down overall, and southern California is staying ahead of New England (VentureOne)
  • Niall Ferguson on Cho Seung-Hui and black swans (Telegraph)
  • Global mobile phone shipments fell by 12.8% in the first quarter (EETimes)
  • Quel surprise … Toyota Prius buyers are not classic technology early adopters (Topline)
  • Matt says Boris Yeltsin has died (Drudge)
  • The irony of instant communications firm RIM failing to communicate over the BlackBerry system outage (AdAge)
  • Morgan Stanley’s Stephen “perma-bear” Roach is becoming chair of Morgan Stanley Asia. Doesn’t that mean he has to be optimistic now and then? (Bloomberg)


  1. Thanks for the link to the Prius article. It’s more interesting than you make it sound. It challenges a couple of the assumptions usually made in cost-justifying a Prius purchase.

  2. Just two quick points regarding the IPO issue.
    First, the total number of IPO’s in the first quarter totaled 64 (2nd paragraph). The last paragraph states that total IPO’s for NASDAQ was 42 and 73 for NYSE including ETF’s. If not mistaken, the NASDAQ figure includes other financial products (REIT) as well.
    Second, the article omits the flip side of the coin. 2006 and first quarter 2007 had a record number of acquisitions and public companies taken private, reducing the overall number of publicly listed companies no both Exchanges. The Russell 2000 has ‘lost’ over fifty listings in the past 18 months. Even the S&P 500 has had an unusually high turnover.
    The Exchanges have gone from a passive to an active marketing initiative. We feel this all too well at CrossProfit as we usually have to start from scratch when building the data file for the newly listed companies. Every time another company is bought out we noticed that it is replaced fairly quickly. This is the result of the active replacement initiative taken by the Exchanges.
    The Exchanges have not grown regarding total company listings. The total number of listings has grown, with what we call ‘second class stuff’ (stuff as in stuffing)…ETF’s etc. These listings tend to have low volume and are not primary revenue generators for the exchanges. It just helps to keep up the image that the New York exchanges are running the show. It would be interesting to compare Tokyo and London with the NYSE and NASDAQ as far as quality (company) listings are concerned.
    Disclosure: This is the opinion of a CrossProfit (IL) analyst and may not be the opinion of