Isn't IEO always profitable?

IEO profitable? Have you ever taken part in an IEO program? who says that IEO is always profitable? not all of them are profitable. even some IEO failed. and the price falls without being saved.
There is no always profitable in this high risk place, high risk high return too
But, there is still a place that often gets profitable. the place what i mean is in binance IEO
most of their IEO coin is profitable, even can reach multiple from IEO price
i think binance IEO is a good or even the best place to invest. but of course do some research of the new project which you wanna invest
it has to do to avoid the lose, or at least you understand what you invest.