#99 AI's listing boom could end two decades of US equity tailwinds

For 20 years, buybacks and shrinking share counts quietly boosted US equity returns by around 0.7 percentage points a year. Sahil Mahtani argues that AI-driven IPOs and secondary issuance are about to reverse that trend, potentially dragging returns lower just as capital markets assumptions were already modest. He draws a direct parallel to emerging markets in the 2010s, where a similar issuance wave eroded years of returns. He argues EM is now seeing the opposite: that same headwind is fading just as it builds in the US. Hosted on Acast. See acast.com/privacy for more information.