General stock market health, here and abroad, and improving investor confidence will prove to be the transmission mechanism for healthy IPO outcomes in 2025.

Stunning to watch the precipitous decline in the closely tracked American Association of Individual Investors (AAII) Investor Sentiment Survey. The February 26 print of 19.4% marks a significant downward move from the prior week (29.2%), suggesting a give-up in investor confidence is underway.

Encouraging to read of the growing confidence around the 2025 earnings outlook for the S&P500. Goldman Sachs believe 2025 eps growth will be ~11%, following on from ~8% in 2024.