感谢上帝，Facebook上市的那天晚上，我没有参加CNBC的“快速生钱”栏目。当天晚上，该栏目邀请了梅莉莎•李和四名操盘手，结果Facebook股价一跌，他们五人立刻没脸见人了。等到股价被拦腰砍了一半，所有之前狂吹Facebook股票的人都立刻追悔莫及。直到现在，我们一起上节目之前偶尔还会就这件事互相安慰一下。《纽约时报》（New York Post ）的跟进报道更是令这期节目声名狼藉，甚至还责怪这期节目就是导致Facebook的IPO失败的罪魁祸首。
本文作者是Ritholtz财富管理公司的CEO，也是The Reformed Broker博客的作者。
I'd also like to point out that Dick Costolo, Twitter's CEO, should be commended for keeping a tight handle on shares, unlike the Second Market swap-meet environment that surrounded Facebook's debut. Executives have been barred from selling shares, and the private stock that is out there is said to be fairly consolidated. It helps Twitter's aftermarket prospects that Facebook's stock has now recovered its initial losses and has been steadily bolting higher. It's no accident or coincidence t•hat Twitter's filing wheels began to turn at the exact moment Facebook reclaimed its opening price during the last week of July.
Hyping up the deal
Thank the Lord I wasn't on CNBC's Fast Money the night the Facebook IPO priced because they made Melissa Lee and the four traders who were on the show all wear hoodies. Once the share price had been cut in half, all that exuberance turned to regret rather quickly. We still tease each other about it in the green room to this day. The New York Post made the Fast Money hoodie incident infamous, going so far as to blame the show for the deal's failure.
There will still be plenty of hype about the public offering, mostly owing to the general journalistic obsession with the Twitter service itself, but nowhere near on a par with FB. Besides, Twitter has a user base of just 200 million, not the billion-plus Facebook went public with.
Last-minute glitches and hitches
A few days before the Facebook IPO, analysts at the very investment banks that were underwriting the offering began to whisper in the ears of select institutional clients that revenue expectations for the company were a tad too aggressive. This kind of thing was absolutely unheard of. Long-time market watchers were just gobsmacked; they had never seen anything like it, a complete and total betrayal to the whole idea of the thing.
Once that word began to make the rounds, all of a sudden there were a lot more first-day flippers and even outright cancellations of allocation requests from institutions and hedge funds all over the country. The hottest IPO of the decade went ice-cold in the last few hours before trading, unbeknownst to the press or the exchange itself.
These rapid-fire cancellations and sell orders only exacerbated the overloaded Nasdaq open, which made things even more chaotic. By the time the market had closed that day, the IPO price was just barely defended, and millions of shareholders, traders, bankers, and Facebook employees were utterly demoralized. In the meantime, Facebook's boy-king Mark Zuckerbergwas honeymooning in Italy (photographed, inexplicably, eating at a Burger King) while billions of dollars evaporated here in New York. The finger-pointing free-for-all in the deal's aftermath will probably never be forgotten.
No one -- and I mean no one -- wants to live through that again. This time around, you can bet that the exchanges will make a smooth opening a life-or-death priority and that Wall Street's analysts will be on their best behavior in the days leading up to the IPO.
Bite your tongue, boys.
Joshua Morgan Brown is CEO of Ritholtz Wealth Management and author of The Reformed Broker blog.