Seeking Alpha
Editor's notes: From in-depth analysis into the Initial Public Offering space, Rangeley Capital has developed an interesting thesis that investors should profit from.

This is the sixth in a series of annual best ideas since the beginning of 2009. During that period, the S&P 500 approximately doubled. These best short ideas are down by a cumulative 70%. This is my best short idea for 2014.

It has been an exciting time for initial public offerings (IPOs). There have been over 200 IPOs in 2013, more than any year this century. It is no wonder that IPOs attract such excitement - they are brought to market at the precise moment that sponsors believe the public appetite to be at its peak. The marginal buyers are outside passive minority investors (OPMIs) while the marginal sellers are insiders who control the company and no longer want...

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