Two weeks ago I got caught up in the excitement and hype of the Facebook Initial Public Offering (IPO) and asked my broker if I could get a few shares.
Many years ago I worked on Wall Street in the department that handled IPOs, so I had an idea of how it worked, but since my broker's company was one of the major underwriters I thought I might have a chance. He sent me some paperwork to be signed and returned.
As luck would have it, the post office was a little slow that week and my paperwork didn't arrive in time. I was disappointed, I thought it would be fun to get into a stock at the beginning of its public "life".
That is, until Friday when it started trading. There was no spectacular movement of the stock on Friday, and today it was off about $5.00 from its initial price of $38/share. I lucked out on that, I really can't afford another loser stock.
But, I'll keep my eye on it and maybe in a week or so I can get a bargain.