2019 is the first year in a long time when IPOs are generating lower returns than existing stocks. Has the era of disruption come to an end? Not for a minute, if you ask me. Finding ways to disrupt a market to deliver more value to a group of customers will always be at the heart of strategic, market, and economic success. The renowned economist Schumpeter taught us this fact decades ago. The generation of wealth since WWII in free markets versus planned markets was proof of his thesis. So, of course, the market loves disruption and awards start-ups, some with “Unicorn” (i.e., > one billion dollars) valuations. But some disruptions are duds. WeWork, the shared office space company, is one example. WeWork recently withdrew its IPO as potential investors raised questions about its underlying financials. Others are not all they are hyped…