Sheep to the slaughter… update your facebook page…

Posted on May 16, 2012 by in Letters

Actually this is not facebook.  It is a lesson from a previous IPO episode.  Palm went  public at --as we remember $25 -- As you can see it went to 160.  Then it went south.  The exaggerated first day run up was partially buying panic and partially what your trusted broker (you do trust him right?) calls "laddering".  Laddering was the clever Wall Street tactic of selling insider stock to their co-conspirators before the IPO with the understanding that the crooks would buy more at prices up the scale.  Throw gasoline on the fire knowing that it's not you who will be burned.

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