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| The myth of the rational market |
LinkedIn Corp. shares traded today for the first time on the NYSE. Despite a relatively rich valuation to begin with at $45/share, secondary market trading has pushed the stock up an amazing 120% since the open. This has got to be a joke. Who is buying the stock at this price? This is an easy short.
This professional social networking site created in 2003 is now worth over $8 Billion by market capitalization, which is absolute insanity for a company whose Q1 2011 net income was slightly over $2 million.
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