Agreed. I would add that markets are unforgiving, dispassionate vehicles of wealth creation and destruction. I suspect more accountability will come out of this float than has ever been seen from the regulators.
I've sunk a lot of money into companies, and in particular drug companies, and I am always amazed at how quickly they can get sued at the drop of a hat, when one of their drugs fail a trial.
The disclosure attachment to the prospectus put out by Morgan Stanley last night was a truly remarkable mea culpa, pointing to a multitude of sins. It may have scared off retail investors today.