Eley Griffiths Group co-founder Brian Eley said the market is showing typical early cycle behaviour after a long period in the wilderness. We haven't had a bull market for long, probably 12 months, the fact that it's gone for 12 months has given the ¬market and underwriters confidence. In 2007, we were at the top of the market and we were at the end of the boom he added, recalling the euphoria of the time. On IPO's, Mr Eley identified OzForex, Steadfast and Virtus Health as his picks. But overall the quality is variable, as opposed to late 2007 when it was just basically rubbish. At the moment there's some good stuff and there's some ordinary stuff, he said. The market is being a little bit discerning... in late 2007, it was a mania, it didn't matter what you were floating, it just went up. Read more: (VIEW LINK)