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One thing has been a constant during my daily walks into the office this year: giant banners hanging out on the front of the New York Stock Exchange.

Amid red-hot stock prices and low volatility, the IPO market has roared back in 2017 after a sluggish showing a year ago due mostly to election uncertainty. Normally, seeing a company IPO wouldn't be such a bad thing; there is something so American about the whole process. A couple of hungry founders develop a useful product or service, early stage investors invest in the company, then the founders get rich by selling shares to the public. Over time, the company takes its IPO proceeds and invests in further capital that provides some form of utility to the global economy.

But hot damn, people, the market responses to recent IPOs from Snap Inc. (SNAP) to others have been too overenthusiastic for this guy's taste. The reactions reek of doctors and lawyers being upset they didn't invest in the stock market three years ago and simply tossing money into new issues in the hopes of making a quick buck. How else can one interpret the heady valuations on names such as Mulesoft (MULE) , Snap and even Canada Goose (GOOS)  ?

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