Friday, August 20, 2004

a financial times double-header@#$ Ignore Wall Street's whining: Google's IPO worked. this is a great l00k at the google ipo, with a requisite SLAM against iBanking (not to mention LUV for buffett):

One of the more laughable aspects of the whole Google circus has been false sanctimony about "valuation" from money managers who happily bought Cisco when its market capitalisation was $400bn and from Wall Street investment banks that bid internet stocks up to billion-dollar market caps. We can be forgiven for thinking that something other than devotion to the principles of Warren Buffett is at work...

Wall Street can spin this however it wants. But Google went public without underwriting from a major investment bank, without handing out favours to well-connected executives and without dictating a price in the manner of Soviet central planners. Because it did, it now has hundreds of millions of dollars that it would not otherwise have had. By any standard, this was one IPO that worked.

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