Great Uncle Ben on IPOs
"It is probably bad policy to get mixed up in this sort of business. Of course the salesman will point to...some which go up spectacularly the very day they are sold. But all this is part of the speculative atmosphere. It is easy money.For every dollar you make..you will be lucky if you end up losing only two.
"Some of these issues may prove excellent buys - a few years later when nobody wants them and they can be had at a small fraction of their true worth."
Seems to fit Essar, Glencore, Ocado and FCSS quite neatly.