It is way too soon to call, but I can't help gloating just a bit.
A week ago, in reference to the upcoming IPO of Facebook, I noted that irrational exuberance was on the loose. I predicted that "I'll be surprised if secondary investors, and perhaps even some initial investors, don't take a bath."
The stock hit a high on Friday of $42.50 and had fallen to $32 by early this morning, a drop of about 25%. Yikes! While individuals may be irrational at times, it is reassuring to see the market rein it in.
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