Some Upbeat Microsoft News

Just to be fair-minded about Microsoft, some upbeat news. The latest Appcelerator data shows an uptick in developer interest in the Microsoft mobile platform. It makes Microsoft a clear #3 in the market, and that is a material break in the market as RIM falls back.


Twitter Digest: 2011-11-29

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The Trouble with Linkedin

The post-lockup schmeissing of the Linkedin IPO continues apace today, as the following figure shows:


While many stocks are weak once employees are free to sell shares after an IPO, this is much worse than usual. Why? Well, one good reason is that the stock was broken from the get-go — it had no institutional support, in large part because of the small float, but also, arguably, because of the pricing.

The institutional ownership of LNKD was 12% of the public float post IPO, which is basement stuff. Look at the following graph showing institutional ownership in U.S. IPOs over time:

Ipo owners

As the above figure shows, LNKD’s 12% post-IPO institutional ownership puts it in the outer regions of the distribution. And that matters, because institutional investors provide a more stable, non-trading base for offerings, as well as, generally, paying more attention to whether a company is solid.

Not surprisingly, you can see the upshot in the performance numbers. Companies with strong institutional support — greater than 25% — tend to dramatically outperform those with less support. (This table and the preceding graph are from Field & Lowry, Institutional versus Individual Investment in IPOs: The Importance of Firm Fundamentals, JFQA, 44/3. 2009).


The upshot of all of this is that we are in a large-scale transition in the ecosystem that is shareholders of Linkedin stock. Retail investors are selling en masse, and institutional investors are neither holders nor picking up all the pieces. As a result, the stock continues its slide, one that will be arrested, but not quickly. [-]

Twitter Digest: 2011-11-28

  • Hey, @jaltucher gets BW profile: Meet Wall Street's keeper of the pain – #
  • Antibiotic-resistant infections spread through Europe (via @macroresilience) #
  • Towards Digitally Enabled Genomic Medicine: A 10-Year Detective Story of Quantifying My Body /via @jhagel #
  • Lest folks miss it with the academic-y headline, Larry Smarr's health self-investigation is remarkable – #
  • Map geeks unite: @briantimoney on the "golden age of cartography" – #
  • FT's picks for best books of 2011 – #
  • This Wednesday's strikes in London — airports, schools, etc — may be biggest since general strike of 1926 #
  • Cute reminiscence: CNBC's @herbgreenberg on his life in retail #
  • Northern
    lights likely visible Monday from Washington to northern New England – #
  • BBC: Brazil's battle (literally) to be ready for 2014 World Cup #
  • Neat SEC duck: Author of piece in popular tech blog is only "exploring raising a fund". Ooooh, I see. #
  • Tsonga/Federer final underway from ATP in London. The former's stevedore look vs Federer's scrawn makes it good this isn't bar fight. #
  • Charlie Rose interviews Seth Klarman – #
  • Simply magic rally just now in Tsonga/Federer. Classic Federer turning defense into offense. #
  • Absurdly warm in SoCal this almost-winter day: 23 C. Relatedly, distressingly poor start to West ski season, other than WA/BC. #
  • This list of magazines I "should" be reading rankles. #
  • .@rahulrg The list just seems over-obvious and confirmatory. #
  • Hey, there's time for more meetings! Munchau: The eurozone really has only days to avoid collapse – #
  • Fliers Must Turn Off Devices, but It’s Not Clear Why – #
  • Remarkable reading: Secret Fed Loans Gave Banks $13 Billion Undisclosed to Congress – #
  • .@zkiraly If you can't access the Munchau piece in FT, try this 0 #
  • There isn't nearly enough iPad and Starbucks gift card @-reply spam on Twitter. I can still almost read my stream. #
  • Wha? That'd be like juggling & solving Rubik's Cube at the same time. Been done? Oh, go ahead then. #
  • [Paper] Flavor network and the principles of food pairing #
  • Weird NYT headline — imagine the reverse — but … Zynga's Tough Culture Risks a Talent Drain – #

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Twitter Digest: 2011-11-27

  • Streaming NASA Curiosity launch to TV over AirPlay from iPad playing NASA TV. Some days 2011 doesn't suck. T-14 mins. #
  • Gorgeous launch of NASA Curiosity just now. Never fails to amaze. #
  • QotD: "If fast food is at a low ebb, what chance do the rest of us have?" #
  • Guardian: Books of the year 2011 #
  • RT @DRossingh: Federer: “I don't know how I do it, 100 finals and I am still walking normally.'' #finalshowdown #
  • Here is @brianstorms on the stages of Books of 2011 grief #
  • I really didn't want to read this, but I did: What Really Happened to Strauss-Kahn? #
  • Gillian Tett: Why doesn't America like science? #
  • In others Mars news: Medvedev suggests prosecution over Russia's space failure #
  • Today in Handy German Words About Debt: schuldenbremse — roughly, a "debt brake". #
  • RT @arhomberg: @pkedrosky but "Bremse" is also what Germans call a Clegg's fly, an insect with a particularly nasty bite #
  • Rich ironies in hearing Arcade Fire over exurban SoCal CPK in-store sound system. #
  • Saw new Muppets movie today with the offspring. It was fine, but seeing this medium become so meta is a reminder of its bankruptcy. #
  • Canada's JP Auclair doing some outrageous street skiing somewhere in BC - /via @bryce #
  • Federer vs Tsonga tomorrow should be super final at ATP London. Tsonga has become a beast, and Federer is on a career roll. #
  • Excellent — more meetings: Euro Zone Weighs Plan to Speed Fiscal Integration – #
  • British embassies in eurozone have been told to create plans to extricate ex-pats in post-euro riots – /via @stecyk #
  • Epic, thoughtful post from @om: Ten years of tech blogging – /tip @techmeme #
  • That or curling. RT @om: @pkedrosky lesson is that never sit with you and @mathewi for a drink. shit happens after that. #

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An Interview with Seth Klarman

Interview with Seth Klarman, by Charlie Rose.  /via Investing Notebook

Twitter Digest: 2011-11-26

  • NME: The most sampled tracks ever #
  • Just finished Kershaw's "The End: The Defiance and Destruction of Hitler's Germany, 1944-45". Despairingly excellent. #
  • U.K. Airports Warn of Gridlock, 12-Hour Delays – #
  • Kahneman: 'We're blind to our blindness. We have very little idea of how little we know. We're not designed to' – #
  • People building endless @spotify playlists of their favorite tracks of the year. Who says music is dead? #
  • Pacific island states make Euro-zone governments look like models of stability. #
  • Headlines that don't mean what you think they mean: Congress, States Debate Heavier Trucks – #
  • What's the over/under these days on Belgium having a government? #
  • Wish people wd stop mixing eurogeddon metaphors: Proposing ring-fencing a firewall to prevent contagion just makes you sound like a kook. #
  • WSJ: Holding Off on a Haircut to Buy a New Car – /via @nouriel /cc @richardflorida #
  • Only a matter of time until we get an article about "The economics of articles about the economics of XYZ". #
  • RT @s_m_i: The rest of the world gets revolution. Americans get anxious. #
  • Hugh Hendry hanging at the LSE /via @macroresilience /cc @GregorMacdonald #
  • No idea if Samsung Galaxy S2 is a good phone, but the ad is fun – /via @kmcspurren #
  • "When the chips are down, these uh, these "civilized people", they'll eat each other." – #
  • "Vonnegut died in 2007, but one gets the sense … that he would have been happy to depart this vale of tears sooner." #
  • NYT hits unnerving aspect of MF Global debacle — that some very smart investors got nailed (including a friend). #
  • Wonder what this "ESPN" thing is that you can get streamed over the Interweb. Whatever it is, it's handy for tennis. #
  • Peak Life Expectancy #
  • Just heard Billy Squier's "Lonely is the Night" for first time in eons. Instantly felt like smashing mailboxes on a backcountry dirt road. #
  • Nifty: 68 minutes of Peter Gabriel live with full orchestra on Letterman – #

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Black Friday Crowd Rushing into Urban Outfitters – YouTube.

Hugh Hendry Hanging at the LSE

Hugh Hendry hanging at the LSE.

Anxious Revolution

They get revolutions, we get nervous. Current Time covers worldwide.