With its second snafu in as many months, BATS Global Markets has amply demonstrated that […]
The more frequently you monitor your portfolio, the more likely you are to observe a loss.
This is likely to cause short-sighted decisions and could hurt your investment performance.
If you are checking your portfolio more than once per quarter, you’re doing it too much.
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Dan Egan, Betterment Director of Behavioral Finance and Investing
Bats Global Markets Inc., the six- year-old equity exchange, canceled its initial public offering, stunning Wall Street after errors on its own computer systems derailed trading in the stock and forced a halt in Apple Inc. (AAPL)
“We believe withdrawing the IPO is the appropriate action to take for our company and our shareholders,” Joe Ratterman, the chief executive officer, said in a statement. Asked if that meant Bats is no longer going public, Randy Williams, a company spokesman, replied by e-mail, “Yes, that’s correct.”
It’s nice to see Bloomberg as incredulous as I am – that paragraph means: the CEO said “we are withdrawing our IPO” and Bloomberg emailed to ask “wait, no, REALLY?” And got the response, “yes, really.” Because what’s weird here is not a withdrawn IPO but a withdrawn IPO that had already priced. And opened for trading – for a few seconds anyway – to print a few trades at $15.25 (down from last night’s IPO price of $16) at around 10:45 this morning before halting, unwinding those trades and ultimately unwinding the IPO.