Egg on Face(book)
There will be investigations and already there are lawsuits over the rollout of
It is the same characteristic that causes people to believe against staggering odds that they can win the lottery, or score big in
The old maxim "There's a sucker born every minute" can be amended in the Internet age. Today, there's a sucker born every second. No matter the teaching of moralists, history and experience, there are still those who believe they have discovered something new, or that they alone have a gift for making money.
But shareholders are blaming Zuckerberg and
This is like suing a casino because you lost money at the roulette table. Gamblers know, or should know, the risk in betting. The stock market is simply another form of "gaming." When investing in an IPO, one is "betting" the stock will rise and the investor will profit. There are no guarantees. Even a novice investor has probably heard the disclaimer, "past performance does not guarantee future results."
The problem with moral lessons is they must constantly be re-learned. The dot com bubble burst of the '90s wasn't enough for some people. Big and small scams, some of them advertised on TV, continue to catch the easily duped. Recall the recent rash of gold commercials in which the announcer proclaims that "some experts" predict gold prices will soon top
How about a reverse mortgage? There are dangers with those, too, but to hear the paid spokesmen talk about them you might think they are the answer to all your financial problems. In fact, they are not for everyone and may cause new and even worse problems.
Why don't people learn from history and the experiences of others? Greed is listed among the "seven deadly sins" for a reason. In the case of those who poured a lot of money into
There are rules about money. Licensed financial advisers -- as opposed to some of the TV hotshots who "recommend" stocks -- inform individuals about responsible investing. But our human nature too often gets in the way of sound judgment and it is that which the flimflam artists, snake oil salesmen and sleight of hand merchants have relied on for generations to fool us into believing they have discovered the fast track to prosperity.
Those who lost money in the Facebook IPO have wound up with egg on their faces. They should have known better.
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Investing - Egg on Face(book) | Successful Investing
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