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-- -- today's as it might actually turn out to be a positive at some point that the FaceBook.
IPO fizzled as they say let's bring in mice and -- associate editor with Barron's maybe that the markets finally pulling back as it needs to Mike is that -- Well I think -- pulled back probably a little more than we needs to -- it needs to although life it can wanna do whatever it wants obviously I think the corrections in this cycle have been deeper because people remember just how out of hand things can get in financial crisis but I think.
I do think that the FaceBook experience here was reflective.
Investor sentiment people wanting to look on the dark side -- things -- -- little bearishness never heard another that what's that is good and by the way the market generally have been perfect state today always have a pretty good dad to get to watch the character of the balance because even if things were bad you would expect a bounce after what we got last week and we didn't get a week like that in terms of five days down on increased volume and all the rest even in it you know in the -- the bear market we can see things just like -- -- had a meltdown.
So I really do you think you had to have a -- I you -- you'd like to see a little more than 76 points at this time of the day but the you know you really have to see exactly what leads and whether this is sustainable beyond today.
What the fact that you have the US treasuries last week trading at a modern and lows of they yield at least at -- of one point 70%.
Does that and that's says to me that people are not just.
On risk averse but frightened yes.
There's definitely have the fear -- in in the German government bond yields and the and the treasuries.
Yes that's true and I think that -- we saw here is that you know the treasury yields never rose to the degree that the stock market rally in the first quarter would have led to believe so basically treasuries won that argument.
With the stock market.
I don't necessarily think that means treasury -- have to shoot higher.
I don't think it's irrational in a world that starved of triple -- rated paper -- of every sort that you actually have people saying fine.
No one point 7%.
Is not what we have -- -- got used to looking -- in this in this bond yield but.
Cash is zero that's something I can -- get back mr.
back to -- just 12 so you don't bother 33 today this -- at 3360.
Or so right now the global 38 -- what what happened.
-- obviously and too much supply of the stock was thrown at this at Wall Street.
When he didn't expect to get that much of the increase the size of the deal on Wednesday -- 25%.
And and basically.
What what the game with IPOs is the people indicate they're saying I wanna buy two million shares if you're buy side investors you're you're used to getting allocated for our small fraction of that you've got more shares allocated -- -- you're used to getting.
-- in IPO because obviously is wasn't one of these Lincoln usually only sold a tiny sliver of the company is a big deal.
That kind of send the message that this deal was not really over bid was not really.
The -- do you -- -- getting more than -- -- kind of made room for your portfolio so that's the trading dynamics of -- I also think the fact that this stock traded on the private markets in a pretty open fashion for so long -- -- traded above -- the offering price -- full don't know there was no real mystery -- to the price discovery -- was no real mystery as to what this company might be worth.
So and I also feel like.
You know there was such a long lead up to it that everyone's instinct to -- to tear down -- over -- deal.
Kind of kicked in and you had a market that was also in free fall so a lot of things worked against it.
It if -- like individual investor who couldn't get shares.
-- offering price and you didn't end up trying to -- Friday then you're sitting -- you can -- if you really wanna in this stocking waited out -- -- really want to -- you can kind of obviously have some patients right here.
I think that the tough thing about FaceBook in terms of valuing it just figuring out whether this is an opportunity or not is.
I can plausibly kind of -- draw your scenario where it's worth half this.
And five times this right -- not -- a million users you never know when they haven't really tried to export that probably you just don't know where that ends up so yes you can be patient about.
That's right lot a lot of -- for at their -- like Mike thank you so much like central and I.
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