IPO Hype, a Historic Market Run, and What to Look for in a Financial Advisor

The headlines around SpaceX's IPO filing are hard to ignore. Andy and Adam open this episode’s discussion with a look at surprisingly consistent data showing that every one of the ten largest IPOs in U.S. history posted a negative return in its first year, with an average decline of around 27%. That track record raises some questions about the timing of buying into that much hype at that valuation. From there, they shift to something that didn't get nearly as much attention as it deserved. April and May 2026 together ranked as the fifth-best two-month stretch for the S&P 500 in 75 years, and unlike most of the moves above it on that list, this one wasn't driven by a snap-back from panic. Earnings growth outpaced price appreciation, meaning the market actually became cheaper on a valuation basis even as prices climbed. The episode closes with a question one client sent in directly: why hire a financial advisor, and how do you find a good one? Adam and Andy walk through the criteria that matter, from fee structure and credentials to how the team around an advisor operates day-to-day. ⏱️ Timestamps: (1:23) SpaceX IPO filing and what to expect from the trifecta of big IPOs in 2026 (3:55) The one-year performance of the ten largest U.S. IPOs since 2000 (5:15) Why mega-cap IPOs aren't exceptions to the underperformance pattern (6:46) How hype outpaces reality once public markets get a closer look (8:00) If you're a long-term believer, why the IPO date probably doesn't matter (9:29) Morningstar's valuation estimate on SpaceX and the case for waiting (11:27) April and May 2026: the fifth-best two-month S&P run since 1950 (12:06) Why this rally is different from the panic-recovery moves above it on the list (14:36) Earnings are driving the market higher while valuations actually come down (17:44) Andy pivots to the value of a financial advisor and the Vanguard study (23:05) The four Cs: competency, coaching, convenience, continuity (24:16) What 250,000 people calling themselves advisors actually means (25:11) The three things Adam looks for: fee-only, credentials, team structure (30:32) Trust as the final filter and what it looks like when an advisor is selling fear (32:02) Podcast disclosures Resources: Long Story Short website | burneywealth.com/podcast Follow Burney Wealth Management on LinkedIn | www.linkedin.com/company/burneywealthmanagement Follow Adam Newman on Linkedin | www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/ Follow Andy Pratt on LinkedIn | www.linkedin.com/in/andyjpratt/ Vanguard Advisor’s Alpha: Clients and their advisors thriving together for 25 years | https://advisors.vanguard.com/insight... #wealthmanagement #financialplanning #ipo #stockmarket #financialadvisor The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.