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I have said it before, and I will say it again: I do not buy IPOs (initial public offerings).
That is why I warned investors to stay away from the Space Exploration Technologies Corp. (SPCX) IPO.
A great company can still be a bad investment if you pay the wrong price. And the excitement surrounding a new stock can make that mistake especially easy to make.
In the case of SPCX, anyone who bought the stock when it went public on June 12 is now holding the stock for a loss.
