This made me chortle. Ritholz was doing an interview on the Facebook stock debacle, and I liked this:
To those shareholders who are now underwater and complaining that they accepted a last-minute increase in the allocation of what was expected to be a hot deal only to find out otherwise, Ritholtz says in jest, "What are you going to say, I thought it was a good deal at 100 times earnings. But this 150 times earnings? That's ridiculous."It's funnier when he says it in the video. I know some people who were really screwed by Nasdaq's systems going down on Friday, and so I think Nasdaq deserves more blame than Morgan Stanley, the underwriter. As for this thing not popping on Friday as promised by the statistics of history (the standard 12% jump): when you are valuing stocks at 100x earnings, you can't say that 80 or 120 times earnings is crazy. It's all crazy.