On the point about IPOs, this would seem to back up the idea that, a boom in IPOs has correlated with recessions and crashes soon after, in the past ~20 years:

On the point about IPOs, this would seem to back up the idea that, a boom in IPOs has correlated with recessions and crashes soon after, in the past ~20 years: https://www.statista.com/statistics/270290/number-of-ipos-in-the-us-since-1999/ https://www.statista.com/statistics/270290/number-of-ipos-in... A drop in IPOs seems like a lagging indicator (they will drop off after the economy has cooled off), but it's not clear to me if a boom in IPOs is a leading indicator or not.