Actually this is not facebook.  It is a lesson from a previous IPO episode.  Palm went  public at –as we remember $25 — As you can see it went to 160.  Then it went south.  The exaggerated first day run up was partially buying panic and partially what your trusted broker (you do trust him right?) calls “laddering”.  Laddering was the clever Wall Street tactic of selling insider stock to their co-conspirators before the IPO with the understanding that the crooks would buy more at prices up the scale.  Throw gasoline on the fire knowing that it’s not you who will be burned.

But, if you don’t mind swimming with piranhas and you don’t mind losing your bet, and you love action jump right in.  We might take a look at it in a few days and we’ll certainly watch the action for entertainment.

We will not be buying facebook.  We don’t participate in panics — buying or selling.