A TWO-SIDED TALE ONWALL STREET
I called a bunch of my old friends and asked if they played the busted meal-kit IPO... they nearly laughed me off the phone. Except for one poor fellow. Michael (name changed) likes to call himself an investor, but he admits to trading almost every day... Now retired in his 50s, he has a regular daily routine. On June 29, Michael’s alarm went off at 6 a.m. He rode his exercise bike for 30 minutes in his modest suburban home in Dix Hills, New York. After his workout and a shower, he sipped coffee from a steaming mug on the back deck, flipped open his laptop, and started reading the market news. Michael primarily trades stocks with his retail account. And when he opened his brokerage website, he found a message alerting him to a 1,000-share allocation of the Goldman Sachs- led initial public offering (“IPO”) of dinner- delivery service Blue Apron (APRN).
By Turney Duff
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24 | August 2017
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