It's a top-tier need within the Idiocratic hierarchy of "needs":
The most expensive IPO in human history, having a -120% profit margin and a price/sales ratio of ~74. The S&P P/S ratio is 2:
The shares are all non-voting, which has already invited SEC investigation. And the user growth rate is beginning to decline. Other than that it's a good deal for investors.
Red Flags And Idiot Money
Another hedge fund manager, who wished to remain anonymous, had a more blunt view, ascribing the demand to mutual fund "dumb money."
"The bankers who put this deal together, they must be having drinks right now laughing about this," the fund manager says, citing the fact that the Snapchat shares being sold are non-voting shares, an unprecedented move for an IPO.
"It’s idiot money. Who would pay these kind of numbers for non-voting stock?"
The largest IPO in three years initiated at "Sell", what could go wrong?
The Snapchat IPO is hammering the overall IPO market
Oil prices fell nearly 2 percent on Thursday after Russian oil production remained unchanged in February, showing weak compliance with a global deal to curb supply to tighten the oversupplied market.
Russia's February oil output was unchanged from January at 11.11 million barrels per day (bpd), energy ministry data showed, with cuts remaining at 100,000 bpd or just a third of the levels pledged by Moscow
A stronger dollar also weighed on green-back denominated oil