Matt Levine, Columnist

You’ll Never Want the Roadshow to End

Also index funds, financial literacy, ticker confusion and technical analysis.

January 22, 2019 at 4:55 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Ordinarily, when a company does an initial public offering in the U.S., it files a prospectus for the offering with the Securities and Exchange Commission, and the SEC reviews the filing and declares it effective, and then the IPO prices. But with the government shutdown, the SEC is not reviewing prospectuses. One approach is to just get out there and start marketing shares and hope the SEC comes back. But what if it doesn’t? You just keep going? In 2021, a New Fortress Energy LLC executive will be on his 100th swing through Baltimore, dead-eyed and rumpled from years spent living in a small plane. “Any more questions for us since we were last here?” “Yes, one, why do you keep coming back?”