Forget about this part for a moment:
Wall Street Hubris Caused Facebook Mess – Zachary Karabell, Daily Beast
Unless you actually bought shares on day one (and didn’t heed Ken Fisher’s classic advice: “IPO means It’s Probably Overpriced”), there are more interesting things to note about the FB offering.
It’s the first ever (that I can find, that also isn’t something exceptional like coming out from under government ownership) IPO debuting bigger than the weighted average market cap of global markets. This is truly amazing—a big cap growth company IPO! It beats Google, it even beats zingers like EDS back in the go-go days.
This speaks volumes about the likely shift in market leadership from small value to big growth and quality, which in my view probably goes on for some time as the bull market enters later phases.