FIRST UPDATE

So where are we? Facebook shares have dropped 50% in value since IPO May 2012. Sounds familiar from Totally Wired? Well, yes, except that Zuckerberg and co had clearly learnt the lessons of IPO frenzy 1999, and made sure that very little money was ‘left on the table’ for bankers and underwriters. In other words, Facebook got the public’s money, not their bankers - a big difference!

Basic rule: if you’re being told that a stock represents a great investment, that means insiders have known for days, weeks or months, and it’s too late for you. This is a game you won’t win.

As to Josh, well he’s trying his hand at pro poker in Vegas. I mean, why wouldn’t he? More on this next time...