.by Anura Guruge
Though I have been a customer for over 20 years, and have used them EXCLUSIVELY for all my investing since 2007 (when Schwab unceremoniously booted me out because I responded to one of their surveys saying I would NOT RECOMMEND them) the LAST TIME Fidelity threw a real IPO bone at me was in 2008 — that that was Visa. I think they felt bad for me. They could see how much money I had lost between 2007 – 2008. ‘V’, of course, was a lifesaver for ME. Thank YOU, Fidelity. I also happened to buy, a fairly large (for me (and that could mean, in IBM talk (which I am a renowned expert at), 2 shares)) allocation of Bear Stearns stock the morning they went belly-up. If not for those two stocks I would be homeless again.
OK, to be fair to Fidelity I don’t apply for that many IPOs. I did apply for VMWare, LinkedIn and a few other ‘biggies’ and never got anything. I did NOT apply for FaceBook. I did not want 100 shares of FB. I did have a bad feeling. I just wanted a few — just to say I participated. So on IPO day, I did buy 5 shares, for ‘FREE’ (i.e., by selling AAPL options), at $38.09. Yes, those are now worth $50. Keeping them just as a joke.
Recently I have started dabbling in IPOs for the heck of it — without any major successes. But, I haven’t lost much money either — always the key criteria for me.
It is possible that like FB Twitter too might tank for awhile after the IPO. So I will not be heartbroken if Fidelity blows me off. I fully appreciate that I am a ‘no-op’, bottom of the totem pole when it comes to Fidelity investors — I am sure I am in the BOTTOM 95% percentile. So, c’est la vie. At least I can say I tried.