High as those numbers tower, the main prize is the second money-spinner from IPOs, the gain the institutions handpicked by the underwriters for big allocations garner on the “pop” when the the stock starts trading. Put simply, the underwriters have a strong incentive to award the shares to their biggest trading partners at bargain prices that exclude lots of potential investors who’d pay even more. The power to create an artificial shortage is tremendously enriching for the investment banks.
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Early in October, I took a red-eye flight from New York to Santiago, Chile. I’d been reading a website called Turbli, run by a turbulence-obsessed engineer in Stockholm named Ignacio Gallego-Marcos, who has a Ph.D. in fluid dynamics. Gallego-Marcos had gone through a year’s worth of forecasts from NOAA and the Met Office—the U.K.’s national weather service—and combined them with flight-tracking data from around the globe. In 2025, he concluded, three of the five bumpiest flight routes in the world flew into Santiago.
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