Cold Chain Storage Providers Are Wall Street’s Hot New Investment

In his latest year-end letter, published today, the prolific media deal maker Aryeh Bourkoff of LionTree encourages readers to “leave it all behind.” DealBook caught up with him about what he sees in store for 2021, namely what’s going in the I.P.O. market. (His letter cites data showing that Airbnb was the 19th company this year to double in its first day of trading, the most since the dot-com days.)

There’s a “massive imbalance” between supply and demand, Mr. Bourkoff said. “We are not having a balanced pricing dynamic, and it’s going to take awhile to find the right level of fundamentals.” The solution may be direct listings — “the most efficient way to go public without having to worry about retail investors,” he said — and SPACs with “appropriate” valuations for institutional capital infusions “right at the beginning.” As for companies putting their I.P.O.s on hold to rethink pricing strategies, “I think it’s a matter of a holiday delay versus a prolonged pause,” he said.


The latest debates in our DealBook D.C. Policy Project series feature expert panels on how government and business leaders can address outrage over rising inequality and prioritize economic policies with the pandemic’s end in sight.

Richard Edelman of the Edelman communications firm noted how trust in top-level institutions has waned in recent years. The problem isn’t new, the economist Veronique de Rugy pointed out — but we’re currently in the middle of a “traumatic” transition from one social order into another.

The panel, moderated by the Times opinion columnist Bret Stephens, proposed a number of solutions, with Heidi Heitkamp, the former Democratic senator from North Dakota, calling to redefine the dignity of work; Danielle Allen of Harvard arguing for expanding the availability of credit; and Steve Case of Revolution urging for investment beyond California and New York. But Kevin Sharer, the former Amgen C.E.O., and James Tisch of Loews warned against overreaching regulation.

🗣 Check out the debate on capitalism and populism, including video clips of key exchanges.

In a panel led by The Times’s Jim Tankersley, Kevin Hassett, the former Trump economic adviser, warned that the economy will “crater” without an aid package to tide it over through at least March. Wendy Edelberg of the Brookings Institution called for even more spending than lawmakers are currently arguing about, while Maya MacGuineas of the Committee for a Responsible Federal Budget put aside worry about debt to urge lawmakers to borrow “like crazy.” Félix Matos Rodríguez of the City University of New York said infrastructure spending should be something everyone could get behind.