I do appreciate that they're using the term froth instead of "bubble". But froth just seems to be a new term for "the IPO cycle is starting up." There is an I

I do appreciate that they're using the term froth instead of "bubble". But froth just seems to be a new term for "the IPO cycle is starting up." There is an IPO cycle. Big proven companies go public (Facebook, twitter), then smaller less proven companies go public (next year), then (on the appetite for ipo returns) junk starts going public and then the junk crashes and investors sour on IPOs for five to ten years before another big proven company starts the cycle again. This exact phenomenon was discussed in Benjamin Graham's "intelligent investor" from the 1940s. Sophisticated VCs I know talk about this as IPO windows, and openly discuss whether a company can make it public in this window or will have to wait for the next.