what category are you putting 2020 ipos in, va linux, red hat? >> that is hard, that is a pretty big contrast. i would say somewhere in the middle. i think what investors need to realize these hot ipos, if you can get an allocation on the ipo price it is almost free money with very little or no risk and those are given to investment banks, biggest, most profitable clients. chances of you getting a meaningful share allocation are almost zero. charles: the question is, should you buy them once they start trading though? should be you afraid to own them after they begin trading? >> charles, my advice for these companies the fast money comes in fast, it comes in hard right at the beginning and a lot of these companies six months later are trading 60, 40% where they were trading on initial value. look at uber, look at slack. most companies are doing a year or two later doing much better. businesses like airbnb and doordash may not end up as well as red hat but the companies will work out. they're overvalued now. i don't know how you can pay 20 times r