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Commentary

Readings: Dubai, Making Money, A Big Listing

NYT: Canceling Dubai Property Deals Is Nearly Impossible Watch out, there’s an Emaar IPO coming up in India soon.

Ritholtz: Do You Wanna Be Right, or Do You Wanna Make Money?

If you are constantly fighting the tape, if you missed the run up and are now whining about it, let me steer you to esteemed technician Ned Davis of NDR. In his 1991 book Being Right or Making Money, Davis tells the story of missing trades, investments and rallies because they did not fit some expectations of his regarding the economy or valuations or other factors. The title of his book and of this post comes from a  more senior trader, who simply asked him: “Do You Wanna Be Right, or Do You Wanna Make Money?”

Sounds like India, man.

Career Point Infosystems listed today – at nearly 2x, which is a ridiculously good return. CPIL listed at 658 today, up from IPO issue price of 310. Of course the issue was 31x oversubscribed at retail, 101x at non-institutional, and 47x at QIB levels, so people would have got piddly allocations. The valuation, for a company in the education-to-clear-tests business, is phenomenal and will likely drive the rest of the field in too. And now there are hundreds of online players as well; this space will stay hot for a while.