Maybe the dumb money wasn’t so dumb this time.
The stock market did turn out to be a voting machine on Facebook on Friday (to quote Warren Buffett
and Benjamin Graham), and the vote was thumbs-down on flapdoodle.
Market pros will be debating the lessons to be drawn from the disastrous first-day trading in Facebook’s initial public offering. But one lesson is that when given enough information, investors can find their way through fogbanks of hype.