The Financial Outlook for Personal Investors: Are IPOs indicating the end of the boom?

Russ Mould, Investment Director of A J Bell, wonders if new floats can help investors determine when the market might turn. He quotes John Brooks writing, "If one fact is glaringly obvious in stock market history, it is that a new issues craze is the last stage of a dangerous boom". Although a few offers ought to warn investors that if it's such a brilliant idea, why are the original investors selling, he does not feel that the UK market is getting IPO-overheated.