when are the heavily oversubscribed, page-28

Well it depends what they know, whether they are smart or not. $11mill doesn't grow on trees. You have to show something that is meaningful to get that sort of interest, well oversubscribed. Personally I don't think long-term sophisticated investors think about how they could have got the stock cheaper by competing with the traders. Traders will control the stock in the short-term but long-term the fundamentals take over. No, your sophisticated investor is unlikely to be less smart than your average Hotcpper punter.