"They were all running, packed close together. They passed along and up the street toward the bull-ring and behind them came more men running faster, and then some stragglers who were really running. Behind them was a little bare space, and then the bulls galloping, tossing their heads up and down. It all went out of sight around the corner. One man fell, rolled to the gutter, and lay quiet. But the bulls went right on and did not notice him. They were all running together."
Ernest Hemingway, The Sun Also Rises (1926)
It has been said that there is nothing so terrifying as a stampede. A breathtakingly dangerous mass of life charging en masse, creating terror by evincing the result of terror itself. The earth shakes and the mind trembles, a churn of legs and power moves like a wave, trampling whatever is in its path.
Luckily for most of the world, stampedes are rare. And in the world of finance they are even rarer still. Which makes the anticipation of Monday all the more exciting...
Snap's so-called share lockup period ends on Monday, potentially allowing early investors in the March IPO to unload hundreds of millions of shares on an already wary market.
The most dangerous place to be on Wall Street at the beginning of next week will be in front of anyone with a sell order on SNAP. Not only will most of the company's early investors be looking to unload their shares, they'll be racing to do it as quickly as possible. When it comes to the price of SNAP shares, time is of the essence. Just look:
We envision trading on SNAP Monday morning to look like a brutal human disaster, people trampling over each other to get out of a stock that should never have been created. And we can't even take solace in the fact that underwriters will be the ones feeling the life pushed out of them by the repeated blows of feet destroying their solar plexus. It could be anyone really.
But when the dust settles and Snap is worth just enough to allow Zuckerberg an evil giggle, we will all be able to look into the carnage and learn a lesson about absurdist valuation and the darkness that lives inside us all. What we learn will serve us well when the lockup period ends on Blue Apron.