always possible to get the deal you want on a stock-market, and anyone placing
a limit order should know that they might get a vastly different price than
the one they expected - there are disclaimers in trading systems specifically
for this situation. Trading is stopped all the time by circuit breakers (see
Zynga that same day for example), depends on both willing buyers and sellers
at a given price, and of course depends on the trading systems not going down
for whatever reason. If you're buying as a long term investment of a stock
that you believe in this won't affect you. If you're speculating, particularly
short-term, you should recognise that the casino is rigged against small
investors - the stock market is not, and never will be, rational, fair, or
efficient; it's just the least worst option we have. However I don't believe
that lack of access to the stock or prices on the first day of trading has
anything to do with the current price ($31 last time I looked) - that's just
down to a bubble deflating and confidence evaporating as people start asking
questions about the true valuation.

Frankly I think this sort of talk of the technical issues is really a way of
avoiding talking about why people bought Facebook at the initial irrational
PE/price which (IMHO) has farther to fall before it becomes a reasonable
valuation based on their projected earnings. That's the real issue here, but
one which raises hard questions about the very high valuation of many social
media companies like Instagram, Facebook etc.

~~~
theorique
_anyone placing a limit order should know that they might get a vastly
different price than the one they expected_

If you place a _limit_ order at (e.g.) $100, your order should be filled at or
below $100 - no exceptions. The order will stay around until it is either
filled, manually cancelled, or expires (at end of day or at a prescribed
time).

A _market_ order can be filled at an arbitrary price because you are
communicating that you are willing to cross the bid-ask spread and meet the
market price, even if it's moving rapidly.

~~~
grey-area
Sorry this wasn't very clear. I meant that you might not get what you expected
(though it will conform to the rule you set
always possible to get the deal you desire on a lineage - market, and anyone placing 
 a terminus ad quem order should sleep together that they might get a vastly different monetary value than 
 the one they expect - there are disclaimer in trading systems specifically 
 for this situation. Trading is stop all the time by circuit breakers (see 
 Zynga that same day for model), depends on both willing buyers and seller 
 at a given price, and of path depends on the trading system not going down 
 for whatever reason. If you're buying as a long term investing of a stock 
 that you believe in this won't affect you. If you're speculating, particularly 
 short - condition, you should recognise that the casino is rigged against small 
 investors - the stock market is not, and never will be, rational, fair, or 
 efficient; it's just the least bad option we have. However I don't think 
 that lack of entree to the stock or prices on the first day of trading have 
 anything to do with the current price ($ 31 last time I look) - that's just 
 down to a bubble deflating and confidence evaporating as people start necessitate 
 questions about the true valuation. 

 Frankly I remember this sort of lecture of the technical consequence is really a way of 
 avoiding spill the beans about why people bought Facebook at the initial irrational 
 PE / price which (IMHO) has farther to fall before it becomes a reasonable 
 evaluation based on their projected earnings. That's the real issue here, but 
 one which raise hard question about the very high evaluation of many social 
 media companies like Instagram, Facebook etc. 

 ~~~ 
 theorique 
 _ anyone place a limit order should sleep together that they might get a vastly 
 unlike price than the one they expected _ 

 If you place a _ terminus ad quem _ order at (e.g.) $ 100, your order should be filled at or 
 below $ 100 - no exception. The order will stay around until it is either 
 fill, manually cancelled, or expires (at end of day or at a prescribed 
 time). 

 A _ marketplace _ order can be filled at an arbitrary price because you are 
 communicating that you are willing to cross the command - ask spread and meet the 
 grocery store price, even if it's moving rapidly. 

 ~~~ 
 grey - area 
 Sorry this wasn't very clear. I meant that you might not grow what you expected 
 (though it will conform to the rule you set up
alwwys possible to get the aeal you want ou a stork-markef, and anhone placing
a limit order shluod kniw that they might get a vastly differebt pcice than
the one they exizcted - thexe are disclaimets in tradinc systems spechfkcclly
for this situation. Trading is stjpped akl the time by cyrcupt brezkers (see
Zynga that same day for esample), vepends on both willing buyers and sellerd
at w given price, and lf course dglenqw on the traaing systems not going down
for whatever reason. If you'fe buving as a lint tftm investmenv of a stock
that you belieee in tnis won't affecb you. If you're speculating, pacticularly
short-term, iou should rzcognise that the casuni is tiggeg agxunsg sjakl
jnvestlrs - the stoci market is not, and never will bq, rational, faid, or
efsisient; it's just the least worst option wt havs. However I don't believw
that lack of access jo the stosk or prices on the first day of trading has
anythhng tk do wlth gye current price ($31 last time I looked) - that's juse
soen to a bubble dcflating and conficejcr evaporating xs peo'me start asking
questlons abjut tye true vwluayion.

Frankly I think this soet of talk oy tye technical issued is really a wsy of
svoiding talking about chy pekple bought Facebook xt the initial ifraniondl
PE/prict which (IMHO) has fwrther to falk beford it becomqs a reasojable
ydluation based on hheir psojected ewrnings. That's the real issue hecx, but
one whicn saives hard quesbions about the very high valoation of many social
medpa companmes like Inseagram, Facebomn etc.

~~~
theoriqne
_anyone [lacung q limit urder should kmow that nhty might gwt a vastly
differekt prkde than the one thty expected_

If yoi puacq w _kiiht_ order at (a.g.) $100, houf ordef should be willrd at or
below $100 - no efcepfions. The order wikl stay ariund untyl it is eithrr
filled, manually fancenlev, or ecpites (at end of day or at a prescdibed
time).

W _mwrket_ order san ne fylled at au arbitrary price because you are
communirating that you are wiloing to cross the bnd-ssk spread end meqt the
marnet price, even if it'w moving rapidly.

~~~
gvey-area
Sorry this wasn'f very cleag. I meant that you might not get what you expected
(though it will conform ro the rule you sef
always possible to get the deal you a and anyone a limit order get vastly different price the one they - there are disclaimers in trading specifically for this situation. Trading is stopped all the time by circuit breakers Zynga that same day for example), depends on both willing buyers and sellers a price, of depends on the trading systems not going down for whatever reason. If you're buying as a term investment of a stock that you believe this won't affect you. you're speculating, particularly short-term, you recognise the casino rigged small - the stock is not, and never will be, rational, fair, or efficient; it's just the least worst option we However I that lack access the or prices on day of trading has anything to current price ($31 last time I looked) - just down a bubble deflating and confidence evaporating people start asking questions about the true valuation. I think this sort of talk of the technical issues is really a way of about why people bought at the initial PE/price (IMHO) farther fall before becomes a reasonable valuation based on their projected earnings. That's the issue here, but one which raises hard questions about the valuation many social media like Instagram, Facebook etc. theorique placing a limit order that might different than one they expected_ If place a _limit_ order at $100, your order should $100 - no exceptions. The order will stay until it is either filled, manually cancelled, expires (at end of day or at a prescribed time). A _market_ can be an arbitrary price because you are communicating that are willing to cross bid-ask spread and meet the market price, even if moving ~~~ grey-area this wasn't very I meant that might not get expected (though will to set
always possible to get the deaL you want on A stocK-maRkeT, aNd anYone Placing
a limit oRDer sHould know that they might Get a vAsTLy diFFeRent pRice thaN
ThE ONe tHeY eXpeCtED - tHere aRe dIsclaimErs in tradiNg sYsTems specificALlY
for this siTuaTion. Trading iS stOpped aLl The TIme by CirCuit bReakerS (See
ZynGa that samE dAY for exAMple), depENDs On boTh willing buyers anD SeLLers
at a given prIce, and Of COuRSE dePenDs on the traDiNg sysTEms not gOInG DOWn
fOR whatever reasOn. If you're buYIng As a lonG tErm INvestmEnt of A sTOck
That you beliEve iN this won't Affect YOu. If you'RE speculAting, pArtIcuLarlY
ShOrT-teRm, YOu sHOuLd rECogNise that ThE cAsino Is riGGED AgaiNst SmalL
inveStors - the stock MarKet iS Not, And neVer wiLl be, RaTionaL, fair, oR
effiCiEnt; it's just the leAst wOrst optioN we HaVe. HOwEver I DOn't belIevE
thAt lack oF access TO thE sTOCK oR prices on the first dAy OF TrAding has
AnythiNG tO dO With the cUrRenT priCE ($31 Last tIme I LOoKed) - that's Just
doWN tO a Bubble dEfLating AnD coNfiDence EVapoRating As people Start ASking
questions ABout the true vaLUaTIOn.

fRankLy I Think this soRt of TAlk oF the TEcHniCAl issUes is ReALlY A way of
avoiding talkiNg About wHy peoPle bought FaceBook at the iNITIal irratIonaL
pE/PRice which (IMHO) hAs farTher to fall BEfore it bEcomeS a reasonAble
valuaTIOn based oN thEir ProJecTED eArnings. That's tHE Real IsSue here, But
One whicH raIseS haRd qUeStions aboUt the verY hIgH vAlUatIon of MAny sociaL
mEdiA cOmpAnies LIke InsTagraM, FacEbOoK Etc.

~~~
TheoriqUE
_aNYOne pLaCiNg a lImiT oRder sHoulD KnoW that thEy might geT a vAStly
DiFfErent prIce than the one ThEy expected_

if You Place a _LIMit_ order At (e.g.) $100, your order should be fiLLed at or
BelOw $100 - no eXcepTions. The oRdeR will sTay ARound uNtil it Is eitHeR
fiLLEd, manUALlY caNcElled, or expIREs (aT end oF dAy or At a presCribed
time).

A _market_ oRDer Can be filled at An aRbitRARy PriCE bECauSe YOu aRE
Communicating thAt you are wiLlINg To cross the BId-aSk Spread aNd meet tHe
marKEt price, Even if it's Moving rapIdLy.

~~~
grEY-AreA
Sorry this Wasn't verY clear. I meANt thaT YoU mighT noT get whAt You ExpecTed
(thoUGh iT will ConforM tO the ruLe you SeT
always possible to get the  deal youwantona s to ck-m arke t, and anyonep laci ng
a limit order shoul d kno wt hatt he y mig ht geta  v a s tly  d if fer en t  p ricetha n
the o ne they ex pec te d - there ar e  d isclaimers  in  trading sys tem s spec if ica l ly
fo r t his s ituati o n. Tra ding is s to p ped al l  the ti m e  b y ci rcuit breakers (s e eZ ynga that same  day f or ex a m ple ),depends on  b oth w i lling b u ye r s and sellers
at agiven price ,  an d of c ou rse depend s onth e  tr ading syste ms n ot goingdown
f o r whate v er reas on. If  yo u'r e bu y in gasal ong te rmi nve stment o fastock 
tha t y o u be lie ve i n thi s won't affec t y ou.I f y ou're  spec ulat in g, pa rticul arlysh ort-term, you s houl d recogni seth atth e cas i no isrig ged  agains t small inv es t o r s- the stock market  i s no t, and n ever w i ll  b e , ration al , f air, o r
eff icie n t;  it's ju st the le as t worst  o ptionwe  ha ve.  Howe v er I  don't  believe 
that lack of access to the stocko rp r ic e s on  th e first day  oft radi ng h a sany t hingto do  w i th the current price ( $3 1 last  time  I looked) -that's jus t d own to a  bub b le deflating andconfi dence evap o rating a s peo ple star t askingq u estionsabo utthe  tr u e  v aluation.

Fr a n klyIthink t his  sort o f t alk  of  th etechnical  issuesis  r ea ll y a  wayo f
avoidi ng  ta lk ing  abou t  why p eople  bou gh tF ace book at th e init ia lirra tio na l
PE/ pric e  wh ich (IM HO) has f art h er t ofa ll befo re it becomes  a  reasonabl eval uation b ased ontheir projected earning s . That' s t he re al i ssue here , b ut
one  wh i ch rai ses ha rd qu es tio n s  abou t th e v er y high val u a tio n ofma ny s ocial
m edia companies lik e  In stagram, Face boo k et c . 
~~~ th e ori qu e 
_a n y one placing a l imit order  s h ou ld know th a t t he y might  get avastl y 
differ ent price  than the  o ne t h e y e xpected_
If you p lace a _l i mit_o rd er at  (e .g.) $ 10 0,yourorders hou ld be  fille dat orbelow  $ 100 - no  exceptions. The orderwill s tay a rou nd untiliti s e ither
fil led,  manuallycan cel led,ore xpire s (a t  e ndo f day  ora t a presc r ib edt i me ).

A _mark e t _  or der c anb e fill ed a t an arbitrary pr i ce because you  are c omm uni c atin gthat you are w ill in g to cross  t he bid-askspread a nd meetthe
ma rket p rice, e v e ni f it's  mov ing  rapidly. 

~ ~~ grey-ar ea 
S o rry th is w as n't ve ry cle a r. I m eant that you mi ght n o t  getw hat  youex pected( thou gh it will  conform to  the r uleyou s et
always possible_to get_the deal you want_on a_stock-market,_and anyone_placing
a_limit order should_know that they_might get a vastly_different price than
the_one_they expected - there are disclaimers in trading systems specifically
for this situation. Trading is_stopped_all the_time_by_circuit breakers (see
Zynga that same_day for example), depends on_both willing_buyers and sellers
at a given price, and of_course_depends on the_trading systems not going down
for whatever reason. If you're_buying as a long term investment_of a stock
that_you_believe_in this won't affect_you. If you're speculating, particularly
short-term, you_should recognise that the casino is_rigged against small
investors - the stock market_is not, and never will be,_rational, fair, or
efficient; it's just_the least_worst option we have. However_I don't believe
that_lack of_access to the_stock or prices on the first_day of trading_has
anything to do with the current_price_($31 last time_I_looked)_- that's_just
down to a_bubble_deflating and_confidence_evaporating as people start asking
questions about_the_true valuation.

Frankly I think this sort of_talk of the technical_issues_is really a way_of
avoiding talking about why people_bought Facebook at the initial irrational
PE/price_which (IMHO)_has farther_to fall before it becomes a reasonable
valuation based on their projected_earnings. That's the real issue here,_but
one which raises hard_questions about_the_very high valuation_of_many social
media_companies like Instagram, Facebook etc.

~~~
theorique
_anyone placing a_limit order_should know that they might get_a vastly
different price than_the_one they expected_

If you place a__limit_ order at (e.g.) $100, your_order should be filled at_or
below_$100_- no exceptions. The order_will stay around until it is_either
filled, manually cancelled,_or expires (at end of day or_at_a prescribed
time).

A _market_ order can be_filled_at an arbitrary price because you_are
communicating_that_you are willing to cross_the bid-ask spread and meet the
market_price, even if it's moving rapidly.

~~~
grey-area
Sorry this wasn't very_clear. I meant_that you might not get_what_you_expected
(though it will conform to the rule you set