[pas]

but also, getting IPOs included captures the upside.

of course, public markets nowadays are definitely paying a pretty serious "agent-principal premium". (since public exits are usually very good for the C-suite and for all those vested stocks.)

but that's the cost of access to equity (compared to PE - which nowadays underperforms public markets https://www.hamiltonlane.com/2026-market-overview/performanc... )

so yeah, it seems it would make sense to buy the post-IPO dip, but then you would need to have some kind of formula for that, and ... that seems ripe for gaming by speculators ... so all in all, it's just more efficient to do what the rule of the index says. (and of course there's already speculation at the discontinuity.)