Small companies that listed in 2008 were like crash-test dummies in a car safety commercial - badly smashed up.

During the year I analysed more than 40 initial public offers (IPOs) for AFR Market Wrap, reviewing prospectuses, interviewing management, competitors and brokers for market reaction. My columns were negative on almost every one. A bear market is no place for floats or speculative companies and the quality of the IPOs, mostly tiny, was poor.