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Facebook IPO: Response From Asset Managers: Its a Dud

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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-19-12 04:12 AM
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Facebook IPO: Response From Asset Managers: Its a Dud
"run up" A term used to describe the incessant media effort to sell the Iraq War to the U.S. public. Yes, I would say it is accurately applied to the Facebook IPO.

This time, investors were not as gullible.

And, if you think your privacy was a thing of the past before, just wait. The ability of make money by selling user data is considered one of Facebook's biggest assets.


May 18, 2012, 2:13 PM

Facebook IPO: Response From Asset Managers: Its a Dud

By Kirsten Grind

Some asset managers responded to Facebooks somewhat underwhelming debut Friday with disappointment following a historic run-up to the offering.

Michael Mullaney, vice president and chief investment officer for Boston-based Fiduciary Trust said his firm has $9.5 billion in assets under management, and primarily represents high net worth individuals. A handful of clients are interested in buying Facebook shares, including one who said he would buy in at any price. Mullaney opted not to put in an allocation order, and instead bought shares on the open market on Friday.

If we did get one it would have been a small piece, said Mullaney. And then who would we give it to? Which one of our clients gets the shares? Id rather trade it on the open market with every Tom, Dick and Harry. It makes my life easier.

On Friday at 1 p.m., Mullaney said in an email that he had received his shares at the price he liked, but considered the IPO a dud.


http://blogs.wsj.com/deals/2012/05/18/facebook-ipo-resp... /

Supposedly, Bono's relatively small stake in the company make him three quarters of a billion dollars richer yesterday. A lot easier than touring.

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Leopolds Ghost Donating Member (1000+ posts) Send PM | Profile | Ignore Sat May-19-12 08:57 AM
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1. I'm getting sick of hearing about Facebook, I am not a fan, so I'm happy to hear this
I have a Facebook account simply to keep track of the "friends" I have who insist on only staying in touch through Facebook, but I don't use it -- and neither do they (to stay in touch with me, that is).

It's a great event planner, though. Simply because so many social networkers (a polite term for social climbers) use it -- and we are living in an era when nopony attends events unless they get approval via recommendation on their friends' blogs that they follow.

In the 1950s they called this the era of the "Man in the Grey Flannel Suit".

I call it the era of the "Gray Flannel Turtleneck".
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