That's the point they're trying to make. The last time IPOs looked like this was in the starting (and also end) of 2008, just before (and after) the market cra

That's the point they're trying to make. The last time IPOs looked like this was in the starting (and also end) of 2008, just before (and after) the market crashed. So, we've got a 7 year period of nearly steady growth in IPOs, and then a cliff over the past year. A "chilly market" often leads to a crash, due to the vicious circle it creates.