Just looked back at some of the companies that had their IPO in 2018 and it's wild how different their trajectories have been. Like, Moderna went from basically nobody knowing about it to one of the biggest biotech wins ever - up over 400% from that $23 IPO price. Meanwhile, Spotify and ADT got absolutely hammered, both down around 46% from where they started. You'd think a music streaming giant would've crushed it, but here we are.

The interesting part is how mixed the results were across the board. Some of these companies that had their IPO in 2018 absolutely printed money if you held them - BJ's Wholesale Club hit +344%, Nio more than tripled. But then you've got Dropbox and Cushman & Wakefield underwater, and DocuSign had a wild ride hitting $300+ before crashing back down. Domo's another one that looked promising with enterprise clients like Emerson and Unilever, but it peaked at like $97 and couldn't hold on.

What's crazy is looking at Americold - the temperature-controlled warehouse play that's up 59% since its January 2018 launch. That one quietly outperformed a lot of the flashier names. If you were actually paying attention to companies that had their IPO in 2018, you could've spotted some real winners, but yeah, you'd also need to dodge some serious duds. Anyway, makes you think about whether you'd do better just picking boring infrastructure plays over the hyped consumer tech stuff. The data's from 2022 so things have probably shifted even more by now, but the lesson's still there.