I saw this amusing graphic someone at ZH had put together:
![](https://www.zerohedge.com/s3/files/inline-images/NM-Graph-03-1024x981.png?itok=sCjlWUUK)
I had actually forgotten about the Smile IPO and hadn’t checked in on it. Let’s do so, all right?
![slopechart SDC](https://slopeofhope.com/wp-content/uploads/2019/09/slopechart_SDC-640x335.jpg)
Ouch. But it’s par for the course these days………..
![slopechart UBER](https://slopeofhope.com/wp-content/uploads/2019/09/slopechart_UBER-1-640x335.jpg)
![slopechart WORK](https://slopeofhope.com/wp-content/uploads/2019/09/slopechart_WORK-3-640x335.jpg)
![slopechart ZM](https://slopeofhope.com/wp-content/uploads/2019/09/slopechart_ZM-640x335.jpg)
If a market even resembling something organic re-appears in our lifetimes, I suspect all the IPOs from the past few years will be either penny stocks or bankrupt.