Don't totally understand this article on the PagesJaunes IPO from Reuters entitled: Banks market first, pitch later in PagesJaunes IPO. But it is clear that those with leverage no longer buy into the investment bank IPO process - not the pricing, not the distribution and not the fees. In fact, whenever DSBPI looks at investment banking we see a business with shrinking margins, declining pricing power, and not surprisingly, riskier balance sheet bets. Why do these businesses, then, continue to thrive and deliver profit numbers way ahead of expectations?