Yesterday Maria Bartiromo interviewed the CEO of Morgan Stanley on CNBC – mostly about the Facebook IPO. One of the questions was about the people who bought it at the IPO price $38 but who were now down on it. His response was a fair one – those people that bought into the IPO hoping for the quick pop to make money off it were being naive or not buying it for the right reasons. I’m sure he meant they were being greedy day-trading bastards but used naive instead. And he went on to explain you want to see the buyers getting in on IPOs being long-term investors who believe in the long term outlook and value of the company. Which I agree with. I ranted…errr…blogged…about the people whining about their lack of lotto-style riches the Saturday after the IPO.
So now on Friday afternoon Maria plays that clip with his answer and then says something like “he had less than sympathetic words for people taking a bath on Facebook.”
Really Maria? Is THAT what he said? No…notsomuch.