IPOs today and years ago, the art of the con and ripping retail, for the benefit of the 1 %ers,
balt, I thought you were a long time player in the game ? In my day we had a quiet period after the IPO closed, and started to trade, remember ? If I went on FNN and touted and pumped my IPO the day it started trading the SEC would rip my head off, as it SHOULD BE ! It was not legal, 90 day quiet period, period. In general we locked up insiders for 2 years from the close, today 1/2 or more of the proceeds from the IPO go to inside sellers, they free up more stock in 90 days, much more in 6 months, TONS more in year one, its a disgrace !! I want EVERY sale in year 1 to require a FORM 4 so we can see how many billions has been sold by FB insiders, you oppose that DISCLOSURE and TRANSPARENCY ? RULE 10b5 designed to hide inside selling, rule 701, and many other new and improved changes to help rip off retail, a total disgrace to the point that i'm a liz warren fan, maybe she can stop the stealing before the top 1 % have 99 % of the wealth !!
me and brky in 2016 !! looking out for the little guy ! hey, what happened to jad, missed, is he in a cell near you ?
HC, Since 1958. In your day the angels and first tranche people were wealth mgt firms, and sometimes were tied back in thru the supply chain. About the time you left (92) entrepeneurship began to outvote capital formation--that is, one of the college kids could get backers for about anything, each of whom demanded the fastest trip to Ten Bag City AZ as fast as possible--as a cost of the cash.
Staying on task with FB, MZ is on record multiple times saying he wanted no IPO. He opposes the 500 shareholder limit on public reporting. Everybody knew that more than a year before the IPO. Everybody knew he was going to retain as much voting power as Sumner Redstone has. And everybody knew that a LOT of the first 400 shareholders wanted a pay day, more than a year before the S1 said so.
" pumped my IPO the day it started trading " --but every channel in the universe was free to show you ringing the bell for the open, and broadcast the block party between NYSE and JPM--without you ever saying one word the public could hear. But your cronies heard every word.
I am totally about transparency. Period. As we discussed before, under Sarbanes Oxley, the 4s are still there, far more real time than you ever dreamed of in 1992.
I am also about 95% an E. Warren fan. As should be any rational "Tea Party" type, any actual republican, and any actual capitalist.
As you and I know, but I state upfront, the game has been rigged since the Buttonwood Treaty.
In the meantime, some real changes, like getting Glass Segal back on the books, have the Futures Commission regulate any paper with derivative properties, like should have been done from 97 on (when Greenspan threw tantrums any time it was suggested) and educating the retail cannon fodder on how they are being ripped off are, to me, far more important "Big Ideas."
My own personal one is to have ACTUAL short interest be reported within 20 minutes of real time to protect the same retail cannon fodder.
« what happened to jad, missed, is he in a cell near you ? »
JMO, but there is nothing left to discuss that hasn't been discussed umpteen times before.
I did borrow a copy of the book balt recommended: Milevsky's "The 7 Most Important Equations For Your Retirement". The author's style is very friendly and engaging, but I'm struggling with the content. I don't trust academics in general, and equations that appear to be rooted in the normal distribution. I'm really not much of a mathematician. I share Ettore Bugatti's aversion to calculus: "He joked about pages of mathematical figures and about integration signs which he called violin holes."
I watch Bloomberg mostly for the cute anchors and, to a less degree, to keep up with the news. Any action I would take now would be predicated on a significant drop in the S&P 500.
I get my Internet jollies reading the TSLA board (the 5 minute "recharge" turned out to be nothing more than a battery swap, yawn!) and researching old sports cars from the 50s (mostly the small displacement French and Italian stuff).
A lot of what you think of as "normal distribution" etc on capital issues in rooted in those 7. Any time I actually need calculus done, I outsource. So far as "academics" I'd make a small bet that HC's man-crush Gross reads Milevsky, and put a few bux on him having come up in conversations between WB and Gates, given things Gates has said about what he learned about modelling from WB.
To me, the most useful thing Milevsky does for the average guy is provide some real history lessons that apply each and every day, especially now when so-called wealth creators lie through their teetch every day about what Adam Smith said, wrote or thought.
TSLA has been amusing, and Elon Musk is well worth studying as a capitalist, as opposed to a financialist.