I agree with his larger points, but i think it's only fair to point out the date on that article about Google options. That was the very bottom of the market.

I agree with his larger points, but i think it's only fair to point out the date on that article about Google options. That was the very bottom of the market. Googles issues were macro. And the high-water mark in GOOG before that event was set by investors, not underwriters. But fundamentally I don't think FB did anything wrong. As an armchair economist it looks to me like Facebook had enough strength in their order book to justify their $38 IPO price. You can't blame them for trying to maximize their one-time-only uber-billion-dollar liquidity event.