Hello and welcome to the implosions edition of Slate Money, your guide to the business and finance news of what a week this was. This was a crazy pants week. we have so much to talk about and we are

not going to mention the impeachment word at all yay us I'm phyllic salmon of

axios I'm here with Emily Peck of Huffpost. Hello! And also Anna Schmansky of Breaking Views.

Yes, hello. We are going to talk about what happened in the IPO or what is happening in the IPO market.

We work is not going public, Endeavor is not going public,

Peloton went public and imploded. This is crazy pants. This isn't what normally happens with IPOs. So we're going to talk about that. We're going to talk about

Jool. The formerly 35 billion dollar vaping company, which Anna Shimansanski now considers to be

worth zero. We are going to talk about Thomas Cook, which like apparently travel agents are still a thing

who knew in any case all of that is coming up on slate money.

So I just saw a statistic saying that 48% of the companies that went public this year are trading below their IPO price.

Now this is a random statistic and it's like, oh, that's a random statistic, but this is incredibly unprecedented and rare.

Like the whole point about IPOs is that a company deliberately under prices its stock.

It sells its stock at a discount to what the market is willing to pay so

that everyone will jump in and buy the stock and then it rises on the first day and then it, you know,

with any luck, keeps on rising. and this standard thing for IPOs for as long as there's been

IPOs seems to have gone out the window this year and this year it seems that if you just do that standard IPO investing thing where you just take a thousand bucks and buy a thousand bucks of stock every time a company IPOs, you are hating your life.

You are.

So we're talking really underperforming

talking about Uber we're talking about lift this week we're talking about Peloton oh yeah

we're talking about smile direct club which went public just a couple weeks ago at $23 a share and is now at $13 a share.

What is Myel Direct Club?

It's like a teeth straightening thing.

...