Bull markets as strong as this one tend to spark an influx of initial public offerings, or IPOs, but CNBC's Jim Cramer has seen something different playing out this time around.
"This time we've hardly had any IPOs," the "Mad Money" host said. "The reason? Because when we do get deals, they annihilate the investors who go into them in spectacular fashion, mostly thanks to a lot of merchandise that's so horrendous as to be almost insulting."
The latest insult was security systems play ADT, which came public for a second time last week. The company aimed to sell 111 million shares for between $17 and $19; instead, the deal priced at $14 a share and only sold 105 million shares.
After the already disappointing deal, the stock has continued to sink, finishing Monday's trading session down 7.6 percent.
"Still, after this ADT 'Black Mirror' adventure of an offering, all I can say is that if this is the only stock they can create and coin here, then they won't flood us with stock and we could be stock-supply-constrained," Cramer said. "Bull market: 1, bankers: 0."