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Destin, FL Can’t Compete With One Man’s Alibaba Excitement

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Cory Frugé is a pilot and an Alibaba enthusiast—an enthusiasm that stems from his being a pilot and his love of the cheap lighting solutions the Chinese company provided him for his backyard runway. Unfortunately for Capt. Frugé, he had planned a vacation to the Florida Panhandle the very day of Alibaba’s IPO. This was distressing to Capt. Frugé, and so he did the reasonable thing: He told his investment adviser to buy him shares when they became available.

He then also did the unreasonable thing: Sat around waiting for Alibaba shares to begin trading, delaying his flight to do so, even though he had put in place the aforementioned arrangement. Then, he got impatient and took off just in time to be 10 minutes late for the big moment. Which, again, didn’t matter, because he had already placed his order.

After landing, but while still in the cockpit, Mr. Frugé said he eagerly checked his phone to see how the stock was performing. He saw a text message from his investment adviser who, as a result of a prior arrangement, had purchased 100 shares for Mr. Frugé at about $94.

Pilot Delays His Flight for Alibaba Debut, Nabs Shares at $94 [WSJ MoneyBeat blog]