Here are the few (lightly edited) bits I found interesting in this week’s issue:

“Following Bank of China’s huge $10.2 billion IPO in June and a $10.4 billion offering by Russian oil company OAO Rosneft in July, the U.S. share of global IPO issuance fell to about 15%, or $16 billion, this year through August, down from 30% for the same span last year … A total of 1,070 businesses filed reorganization plans during the second quarter, the lowest quarterly figure since 1995″ — Jack Willoughby

“Americans own about 75 million dogs and 90 million cats, and annual sales of pet medicines is about $3 billion.” — Bill Alpert

“In options, a simple historical analysis of reversion to the mean shows implied volatility has averaged around 20% in any rolling three-, five-, 10-, 15- and 20-year period since options have been trading. Now we are hovering around 12%, a 40% discount just to the average. Even if we get back to the average, a lot of money can be made trading volatility. As implied volatility has been coming down near all-time lows, actual volatility has been creeping up … The two most mispriced assets right now are options, which are underpriced, and bonds, which are overpriced.” — Kyle Rosen, interviewed by Sandra Ward

“The popularity of the Dow Jones CDX index of 125 credit-default swaps has allowed it to become a barometer of credit-risk appetite that closely follows VIX. When investors believe a major change in credit risk is ahead, the CDX’s spread often responds more quickly than prices of cash bonds. Established only a few years ago, the CDX investment- grade index has rapidly become highly liquid and actively traded.” — Michael Mackenzie

“Assets under management at the Jacob Internet Fund peaked at about $300 million in 2000 and later plummeted to $10 million.” — Neil Martin

“Through Thursday’s close, the S&P 500 had logged an annualized total return of 8.67% for the prior 10 years. The same figure for the Dow was 9.44% and for the nearly comprehensive Russell 3000, it was 9.04%. In other words, the U.S. equity market over the prior decade did roughly what the long-term studies suggest it ought to do over extended periods, generating returns in the 8% to 10% range.” — Michael Santoli

Copyright © 2006 Dow Jones & Company, Inc.