the willingness to bet on riskier and riskier IPOs continued through May 2015, when 78% of U.S. IPOs over the past six months had negative net incomes. The current percentage exceeds the 65% extreme in April 2007 and even the 76% extreme in July 2000... These extremes were followed by bear markets that led to NASDAQ declines of 78% and 56%... This topping process is more complex than an ordinary peak