Bill,
I don't really know what to make of the Faceboook faceplant, other than that a lot of people who thought they might get rich quick and didn't are now unreasonably pissed about it. The lawsuits make me laugh, as you like to say. But I don't understand how the opening price of a stock's IPO is the product of market forces. Isn't it the product of the best guess of the underwriters as to what the stock can fetch? Once the bell wrings the market takes over yes, and the guess turns out to be a good one or a bad one no?
Eli
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