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Fortress Aims to Please, Does Not Disappoint

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We roused your interest yesterday about the historic!!! IPO of Fortress Investments and it was not for naught: the U.S.’s first hedge fund to go public lifted off later in the day at the high end price of $18.50 and proceeded to rocket out of the gates with a debut on the market at $35 a share, almost twice that of its offering price (obviously). The Torchbearers now have a market value of $14 billion, and are positioned to “maintain and expand” in their role as the leading global alternative asset management firm.
But while everyone else seems to be as excited as us about the whole deal, ("The road show was wall-to-wall, standing-room-only at every site!"), some people are turned off by the plebian, “now everyone can invest” nature of the situation. And there are definitely hedgie traditionalists who, used to getting off on the mores of secrecy that their industry is known for, are displeased with what could mean an exhibitionist turn for the landscape.
To the skeptics, we say, how can you not be excited at the prospect of being able to have conversations like this on company time:
oh baby its bess (12:17:03 PM): yesterday i referred to this company, Fortress, and its IPO (initial public offering, means a private company goes public and ppl can buy shares in it) as the "bukkake party of IPOs” (buy shares on my face! buy shares on my face!), b/c it's a really big one, etc, etc, etc. today it was huge (debuted on the market at twice the price it was estimated at) i need a headline like Fortress Does Not (Disappoint but something that alludes to bukkake or the like)
klwinick126 (12:17:17 PM): i am so pleased that you think i am the sort of person who doesn't know what an IPO is, but does know what "bukkake" means
oh baby its bess (12:17:25 PM): well…you know…I know your strengths and weaknesses, so to speak
klwinick126 (12:17:33 PM): hmm…I don’t know…
klwinick126 (12:17:47 PM): erection metaphors are hard
A: It's impossible.
(P.S. Yes, I am a one-trick pony.)
Fortress Investment's Shares Almost Double After IPO [Bloomberg]
Hedge fund Fortress soars in trading debut [AP via MSNBC]
Fortress I.P.O. Opens Sharply Higher [DealBook]
Firm's public stock sale pulls hedge funds out of shadows [LAT]
Sturdy Showing for Fortress IPO [thestreet .com]
Earlier: NB: I’ve Trademarked The Term At The Bottom


Bill Ackman Does Not Act, Bill Ackman Feels Deeply (And Does Not Appreciate The Insinuation Otherwise, THANK YOU VERY MUCH)

As we have discussed at length, when it comes to the art of regulating one's emotions while investing, there are two models to choose from: The Dead Inside paradigm, wherein you remain calm, cool, and collected, maintaining the same expression on your face whether you've lost $1 billion on one trade or made three times that much on another; and The Bill Ackman. The mega-successful Pershing Square founder imbues emotion in everything he does, particularly when it comes to his job. As a man who wears his heart on his sleeve, in the past Ackman has been known to: cry at shareholder meetings; get extremely heated to the point of his face becoming "flushed," his eyes "misty" when meeting with SEC investigators; pen "long, emotional, late-night missives" to top SEC brass; and erupt on directors of companies with such passion that his "furious outburst" could be "heard in an outside hallway." As there are few on Wall Street who exhibit such raw emotion while conducting business, and there is a propensity by some to employ tactics that will put them in the power position when facing foes, perhaps it should not come as too much of a shock that recently, a reporter asked Ackman whether or not the waterworks or displays of indignation are pre-planned, in front of a mirror. For those who've long known Ackman has more integrity in one salty tear than most have in their entire body, his answer will not come as a shock, but to set the record straight, for anyone holding out hope of seeing him do a little regional theater at some point in the future: