I'm Nicole Lapin, the only financial expert you don't need a dictionary to understand.

It's time for so many rehab.

2025 was supposed to be this big comeback year for IPOs. All the headlines said so. And by the way,

an IPO or initial public offering is just what we call it when a company goes public, meaning

you or I or anyone with a brokerage account can buy shares of that company. Tesla, for example,

IPOed in 2010. And since then, it's been publicly traded so anyone can invest in the company.

This is opposed to SpaceX or Neurrelink, other Elon companies,

which are private, meaning only super plugged in people and or accredited investors can invest.

IPOs went through a brutal freeze in 2022 and 2023. This is thanks to a bunch of economic factors,

but namely interest rates, the fall of Silicon Valley Bank.

Now in 2025, the market was supposed to thaw.

But it might not be that simple.

Some investors say that the big IPOs we've seen this year were carefully engineered to look better than they were.

Some think that retail investors, though, can still profit from these big

investing debuts. Today, you'll hear what side I'm on, and to break it down, I'm joined by Ed

Elson, who is Scott G Galloway's co-host on Prof G Markets. It was so fun to speak with Ed

because we have similar paths. He got started younger than most people in finance like I did

when I started working on the floor of the stock exchange at just 18 years old. So I know that when you're the youngest person in the

room, you really, really need to know your stuff to prove that you belong there. And Ed does that

incredibly well. Today, Ed and I break down how IPOs actually work, who profits on day one,

and what regular investors need to know before jumping

in so you don't get burned. Ed also gets into his concerns around the big, beautiful bill,

...