Meta-IPO Journalism

There was a certain inevitability to it, but Mssrs Rivlin and Markoff of the NY Times have a business section piece today quoting some critical fund manager comments on Google’s offering — and then quotes other saying that such criticism is self-serving.

“When I see a comment from some hedge fund manager saying, ‘Oh, the price is a big mistake, it’ll blow up in their faces,’ I think, ‘Come on, that’s strategic,’ ” said [fund manager] Barry Randall. “Of course everyone is going to trash talk Google. Everyone, myself included, we’re not interested in talking up Google’s prospects. Because if we are interested in investing we want to pay the lowest possible price.”

Excellent. So we have finally reached the terminal stage in Google IPO commentary, where we have people criticizing the offering, and people commenting that people criticizing the offering may actually be buyers of the offering talking it down. Before it ends there will be one last phase: we’ll have the inevitable post-IPO piece saying that those Google smarty-pants expected all of this, that the IPO sold fine despite the critics, and those Google people are such smart folks for gaming all of us so adeptly.

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