2025 was hyped as the big comeback year for IPOs—but the reality might not be so simple. In this episode, Nicole sits down with Ed Elson, Scott Galloway's cohost of the Prof G Markets podcast, to unpack who really profits when companies go public and what retail investors need to watch out for. They also dive into how the Big, Beautiful Bill could make it even harder for younger generations to build wealth.

Listen to Prof G Markets here.

00:00 Defining IPOs and 2025 Trends

01:14 Meet Ed Elson

03:04 Unpacking Recent IPOs and The Critique

07:20 Challenges for Retail Investors Looking at IPOs

17:56 The Mechanics of Going Public

30:34 Why Accredited Investor Framework Is Nonsense

32:22 Ed Elson's Prof G Origin Story

34:11 The Emotional Value of Money

36:34 Why the Big, Beautiful Bill Wealth Transfer from Young to Old

41:46 Trump's Crypto Projects

46:21 Bullish or Bearish Game

55:41 Career Advice