Since it’s Friday, and there is a Facebook IPO scheduled to go off today, I feel obliged to write the standard “Why I hate the latest IPO” column.
Don’t get me wrong.
I think IPOs are great.
They are great job creators, first of all. Lots of the money raised by IPOs goes into hiring lots more people.
And an IPO’s liquidity event- where early stage investors get to cash in on the open market- is the reason why those investors took the risk in the first place. One of the major benefits of having stock markets like...