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    How Hard Did Morgan Stanley Try To Lose Money On The Facebook IPO?

    Let’s disclose some conflicts of interest. I want to be all “go read this post from the NY Fed’s Liberty Street blog about the Facebook IPO greenshoe, it’s good, you’ll like it,” but I have this nagging sense that I’m mostly saying that because the New York Fed cited Dealbreaker, and what are the odds […]

    / Oct 31, 2012 at 11:59 AM
  • Do you think they installed the arrow for the purpose of this picture?


    Some People Should Be Happy That Nasdaq Screwed Up The Facebook IPO

    A nice thing about IPOs is that they end: you work for months on pitching and executing a deal, you write hundreds of pages of documents, you embark on a roadshow with tiny planes and slovenly CEOs, you price the deal, you watch it trade on that first exciting day, and then you don’t do […]

    / Aug 23, 2012 at 11:35 AM
  • Source: Bloomberg, MANU  AQR. Btw does anyone else enjoy the imposed bell curve? PRICES ARE LOGNORMALLY DISTRIBUTED DAMMIT, your Bloomberg is telling you.

    IPO, News

    Manchester United IPO Goes Nowhere In Exciting Fashion

    I am the world’s worst technical analyst but even I can spot a support level: Or, as the Journal puts it, “English soccer club Manchester United’s stock didn’t rise much but didn’t fall either as it made its market debut Friday.” This is not the first Friday afternoon where we’ve played “guess the stabilization strategy […]

    / Aug 10, 2012 at 5:44 PM
  • News

    The Underwriters Weren’t The Only Ones Stabilizing Facebook When It Opened

    There is much to ponder about Nasdaq’s slow-moving plans to compensate the people it screwed by taking its time confirming trades on the day Facebook opened.* Here’s a fun thing I didn’t quite understand, from Reuters: Nasdaq’s liabilities for a trading glitch are limited through regulation and a contract with its customers to $3 million […]

    / Jun 6, 2012 at 10:47 AM
  • News

    This Is A Post About Greenshoes

    Why don’t we talk abstractly about greenshoes for a while, because for some reason some people want to talk about them and hey, why not, they’re a thing. In talking about greenshoes, though, we are not going to use the F-word, because I swore to myself that last week was the end of that. We’re […]

    / May 21, 2012 at 5:48 PM

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