The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK ( ETF Expert) -- LinkedIn (LNKD) doubled in value from an IPO price of $45 on its first full day of trading. In truth, participants in the secondary market got their first crack at LNKD at a price point of $80. That implies a 17.5% jump, not 109.4%, but who's calculating?
Anyone who remembers the 90s probably feels like they've seen this movie before. In fact, as a financial radio personality at the time, I amassed a following for having warned listeners about the dot-bomb bubble. I didn't instruct people to sell on irrational exuberance alone, mind you. I simply presented
That doesn't mean I don't have a LinkedIn account. I do. I also use Facebook as well as Twitter to foster business relationships. Nevertheless, watching LNKD pinball from $80 to $90 to $82 to $110 and back down to $94.25 is more folly than investing. (At least at this point.)As a money manager who primarily uses exchange-traded funds, I am more interested in asset triumphs and asset struggles. The triumphs can be summed up as follows: (1) Major stock benchmarks remain within spitting distance of multi-year highs; (2) Lending standards have been slowly easing (See LIBOR); (3) Forward P/Es for most sectors of the economy remain reasonable; and (4) Commodity price inflation has cooled for the time being. Yet there's little denying a number of imposing realities. Specifically, broader equities have made very little headway in the last three months. In fact,
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