NEW YORK ( TheStreet) -- I've never been a letter-of-the-law type person. I prefer the spirit of the law (and in the night). In most aspects of life, I'll advocate for self-imposed community standards over one-size-fits-all edicts.
Along similar lines, give me a news story and I want to understand the real meaning behind what it says. How does it matter on the ground, in my life, in the lives of others and in the broad sectors of society concerned with the specific issue?
So when every news and entertainment organization in America reports, for instance, that Netflix (NFLX) Is In Talks With Cable, I refuse to accept the claim on blind faith. And when every other media outlet in America runs with the headline, Container Store (TCS) IPO Doubles, I don't take the lead literally.
Because, in the retail trenches where most investors roam, the Container Store IPO did not double. Of course, these are similar soul-sucking trenches where investors had their heads handed to them on the Facebook (FB) IPO.It's easy to exonerate regulators on the FB IPO when you consider things in your rearview mirror. If the investors who got suckered into buying shares the day the stock opened only would've hung on. They'd be rich! Or something like that. But, that sort of talk gets to the heart of the matter -- folks who bought FB at the open or thereabouts on May 18, 2012, weren't buying Facebook the company. They were buying a lottery ticket. A chance at the type of double the media loves to hype so hard. If investors were buying the company it would not have mattered what price they paid for their shares. Buy. Hold. Check back in 18 months, which proves to have been the proper strategy. If you recall, at the time of the Facebook IPO everybody was freaking out about the company's mobile miss and its subsequent ability to monetize the platform. But that concern didn't stop people, including quite a few folks who don't normally invest, from participating. Hope, fueled by familiarity with Facebook and media hype, was their investment thesis. They didn't read the Facebook S-1 filing much of the media even chose to ignore. And when the stock tanked, many folks underwater on the shares did the perfect sane and logical thing, getting out of the game for good. Now, fresh off of a "double" for Container Store shares, we have Twitter set to fire. As of this writing, I'll join Mike Isaac of All Things D to discuss the IPO ahead of Thursday's opening trade at 7:00 a.m. Eastern Time on CNBC's "Squawk Box." A media-fueled dynamic, not the same, but similar to what we saw with Facebook, is at play with Twitter. As Twitter raises its IPO offering price, the media tells us this situation is so different from Facebook's. In fact, we all, apparently, learned a lesson from Facebook! Complete joke. And then there's this notion of a "double" for TCS.
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