Business Insider has an interview with a clueless Hedge Fund Manager:
Business Insider: Final thoughts on the IPO?
Anonymous Hedge Fund Manager: It never stood a shot. If there was any enthusiasm for this deal, that got wiped out. Think about a guy who was going to put five grand on this. You go to Vegas and put $5,000 on the roulette wheel and it breaks, it’s like, hold on, I’m not going to do that. Suddenly you’re like this is Wall Street and I hate Wall Street.
Business insider: You could argue the system failure may have saved some of the Muppets, then?
Anonymous Hedge Fund Manager: No doubt. But this should have been a blockbuster. This should have traded to $60 or $70. This should have launched a wave of tech IPOs.
And there, in a nutshell, is the real reason Facebook’s plunge since Friday’s IPO is making news. Hedge Fund Managers that can’t read a prospectus, fail to look at valuations and Price/Earnings Ratios, and choose instead to gamble $100 million because they feel entitled to a 50% payout. Blaming NASDAQ, Morgan Stanley, or Facebook is a sad attempt to cover up their own incompetence.