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1. Moving on with our discussion on IPOs. I wanted to share with you an article from Whartons Business School about what has been happening in the IPO market in the last few years. The author points out several points on why some companies go public and other stay private. Just as significant, the author explores the reason why many companies are choosing to stay private longer now adays. For example, you may remember hearing lots of discussion as to why companies like Snapchat, Uber and Pinterest stayed private for so long. If we put some of the challenges companies like Uber had to the side. For instance, disregard the negative press related to alleged wrongdoing by their executives. Now, focus on how these companies manage to grow to large organizations before they saw the need to go public to raise capital and I am sure you have a couple themes running through your mind. First, after the Jobs Act, companies can now have up to 2000 shareholders before they need to initiate filings with the SEC. Secondly, there is a lot more cash flow in the private venture capital market.

Based on what you know about the business environment, what is your opinion on why companies are now taking longer to go public? Or, are they?

2. When discussing the primary market, what is the first type of security that comes to mind? If you are thinking IPOs, you are correct. As you know, an IPO is a way for a firm to raise funds by selling portions of ownership in their firm to the public through a special bank called an investment banker institution. With this information we can deduce that the primary market is where securities are created including IPOs. Now, what else is issued through the primary markets? Or, are there other securities sold through this marketplace?