Hi Michael

Thanks for a well thought out article. As I would expect, you have addressed the ethical aspects of the IPO succinctly and interestingly.

However I differ with you on the notion that faithful FB users would be well served by being treated as loyally as were the consumers of Sam Adams.

The FB listing stuns me, coming within less than a generation of the lamentable TMT episode. Obscene valuations for a widget whose lifespan might not be all that long (low barriers to entry, easily surpassed by newer technology and so on) beget disasters.

If, as you hint, Mr Zuckerberg arranges preferable allocations to FB customers, he may end up feeling quite rubicund about his largesse, if the share price succumbs to crazy valuations and suffers the fate of so many enfeebled TMT shares of yesteryear.

Maybe he should rather reward users’ loyalty by banning them from the IPO!

Regards,
Rowan