[goodcanadian]

Indeed. Despite our disagreement higher up this thread on who gets screwed and why, I did quite enjoy the article. I looked at it more as a cautionary tale about getting drawn into the hype surrounding IPOs in general and tech IPOs in particular. The market is not as efficient as economists sometimes like to pretend, but it does have a central tendency and if the fundamentals don't support the valuation, the market will bring the price back down.

I say, if you can IPO at an overpriced level, do it, but don't believe your own hype and buy into it yourself. You will be disappointed.