Apollo’s Slok: ’no alpha left’ as IPOs grow long in the tooth

Investing.com -- Wall Street’s stock pickers face a shrinking playground. According to Apollo Chief Economist Torsten Slok, the number of public companies is falling, and the firms that do make it to the market are coming in late to the party. Back in 1999, the median age of a newly public company was just five years. By 2022, it had climbed to eight. Today, Slok notes, the figure has nearly doubled again to 14 years. That shift isn’t simply a side effect of the Fed’s rapid-fire rate hikes in 2022. Compa ...