The one thing I'll say about Square is that this is the first tech IPO in the last 5 years where the investment banks are literally begging hedge funds to take

The one thing I'll say about Square is that this is the first tech IPO in the last 5 years where the investment banks are literally begging hedge funds to take stock. In an IPO process as a hedge fund you find out just where you stand with the banks by how many shares you get issues at the IPO. In squares case there I haven't heard of any one getting cut back on their allocations. I"m not sure if that's a good or bad sign, but its out of the ordinary. One interesting note that bloomberg just popped up: > 11/19 10:01 Market makers (Barclays) still indicating $11. That's an unofficial indication at this point, and above the $9 IPO price. So I guess it could pop Side note: Burred near the bottom of Levin's daily letter is an interview with Cliff Asness. If you are interested in quant finance, check out his blog that he hosts on AQR's site. He's one of the stars of "The Quants" and started one of the giant quant funds AQR out of Goldman. https://www.aqr.com/cliffs-perspective https://www.aqr.com/cliffs-perspective