Overvalued

You liked the IPO at $12-$14. You might even have convinced yourself that paying $15 or $16 a share was worth it, if you looked at the long-run prospects of whatever.com. They're only earning 30 cents a share in year one..but 45 cents next year, and 60 the next, so at a lofty 30 times the out year earnings, you got to $18 a share, plus cash generated in-between. High-ish multiple, but worth it, you thought.

And then...blammo. The first printed price of the IPO was $32 a share. Some idiot was paying that price so you were out. And a half. You sold all your shares at $32, making a nice little profit on the 10,000 shares you were allotted. And all that was just dandy. Except that the stock closed the year at $100 a share.

So yes, these shares were overvalued at the IPO price of $32, but they got waaaaaay more overvalued later.

So, um, how's that feel?