Karl Siegling, founder and portfolio manager at Cadence Capital warns investors to be wary of many of the IPO’s about to hit the market. He says they are “on high valuations” and mostly offered up by private equity, who are selling closer to the top than the bottom. Despite the warning, Siegling isn’t ignoring new floats entirely, saying that Cadence will participate in Spruson and Ferguson (renamed IPH Limited), which lists today. “We’ve taken a position in Spruson and Ferguson. (It’s) a fantastic business. I visited their operations here in Australia and their operations in Singapore. Intellectual property is something that once you’re involved in it you have to keep paying, and paying, and paying. Intellectual property has become a truly international business so you have to pay for patents across the world.” In this video Karl discusses his investment case for IPH and touches on where he sees future growth for the company