"I don't see any reason why there should be some huge influx of people, immediately subsequent to the offering, that didn't hear about it in the offering period. ... I think most of the demand will be retail, not so much institutional. Most new offerings are done in a manner, where the idea is to have far more demand than supply and therefore cause people to maybe order stock they didn't even want — just on the idea that this restricted supply will cause a big jump the first day ... if you've seen Yahoo or a number of other offerings. Personally, I don't like that sort of distribution arrangement, because you'll find that 30 to 40 percent of the issue will perhaps trade the first day ... and perhaps at a lot higher price. I think there's something a little wrong with that kind of an offering. ... favored customers get the chance to flip the stock and really are getting paid an exorbitant underwriting fee themselves — even though they are called purchasers — because they sell it the first day."