It’s a quiet Friday so I’m not seeing much out there worth blogging about. In the meantime, I’ve done a couple of posts for Fortune that you may have missed recently…
First, my take on the Facebook IPO:
FORTUNE — On February 1, Facebook at long last filed its official S-1 document with the SEC, the first step toward an initial public offering (IPO) the company expects to do in the second quarter of this year. Despite the fact that it was widely anticipated, the financial media went absolutely bananas. Facebook was the only subject on television, the radio, the web and in the paper. For a week.
But lost in all of this saliva-covered enthusiasm was the fact that Facebook’s de facto IPO had already occurred a long time ago. Yes, Facebook already went public, you just weren’t invited.
Read the Rest:
Also, what are the broader implications for the launch of Pimco Total return as an ETF?
March 1, 2022
FORTUNE — Ten years ago, in March of 2012, the world’s largest mutual fund cloned itself as an ETF. It occasioned a small amount of business media attention at the time, but in hindsight, it was the event that changed everything.
Many of you today do not even know what a mutual fund is (or how to write in cursive or dial a phone with your finger, but that’s another story). But once upon a time, the mutual fund was the center of the financial universe and the dominant vehicle for retail investors. Before President @MeghanMcCainDC was sworn in and before the Facebook-Google naval battle that tragically claimed the lives of thousands of our young programmers, the mutual fund was King.
Read the Rest:
Have a good afternoon!