Morgan Stanley: IPO Mania Is Over, Grab 5.36% Yield Preferreds

Morgan Stanley Mario TamaIn 2020, I wrote an article about Morgan Stanley (NYSE:MS), which argued that the company’s common stock was a good bet on the IPO frenzy that was happening at the time. That year saw many companies go public, including Airbnb (ABNB), Palantir (PLTR), DoorDash (DASH) and Upstart Holdings (UPST). I wrote at the time that most of these IPOs were overpriced, and that Morgan Stanley’s cheap exposure to the frenzy by way of underwriting and advisory fees, was preferable to buying the i ...