BALTIMORE ( Stockpickr) -- Facebook (FB) is getting all the attention today as we creep one session closer to the social network's first day as a publicly traded company. The argument for most of the folks lining up to buy shares is simple: They want a chance to get in on a fast-growing IPO at the ground floor.
But their focus on Facebook is misguided. Here's why.
Put simply, Facebook is pricey. One of my colleagues said it best when he argued that "retail investors aren't buying Facebook at the ground floor; they're buying at the top floor and hoping that Facebook keeps building floors on top of it."
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