Re: If you're all so clever...
a) because we've been told that was made illegal.
For banking shares, yes. It's not Facebank (yet) though, so it's not illegal.
b) joe public cannot sell those shares fast enough to get money shorting, or if they can there are charges and capital gains tax and all those charges for little people who cant afford tax havens.
You still take home a profit, even after tax. And by "fast enough", the concensus seems to be that the value of these shares should be <$10. Currently at $31ish, so there's a fair way to drop so a fair bit of time yet.
My point is that there are many who like to say "yeah yeah saw that coming, how stupid everybody else is..." yet not many willing to put their money where their mouths are. Sure, I have the same hunch - Facebook is not bricks and mortar, like Tesco - but it's a hunch, and I wouldn't be so blasé as to think I'm somehow superior for not buying into Facebook at the IPO.
I wonder how many people here said the same about the Google IPO?