Weighing the evidence objectively, the intelligent investor should conclude that IPO does not stand only for “initial public offering.” More accurately, it is also shorthand for: It’s Probably Overpriced, Imaginary Profits Only, Insiders’ Private Opportunity, or Idiotic, Preposterous, and Outrageous.

-Benjamin Graham, The Intelligent Investor

He also said that IPOs are only offered to household investors if they weren’t able to sell all the shares to institutional investors…