Word: wits
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...have written letters to the three surviving Beatles to bestow upon us all their wit and greatness" says Jones, who wrote letters to the three musicians in the past summer. "That remains the ultimate, as-yet unfulfilled goal of the club members. That's our ultimate dream...
This makes Andy Klein angry--or at least aware of a market niche. His company, Wit Capital, which launched last week, is an online broker that lets small investors not only trade stocks and mutual funds at cut-rate prices but also buy into the high-end IPO and venture-capital deals that were once the sole province of Wall Street's biggest kahunas. Until now, the Little Guy could only watch and drool as well-connected initial subscribers bought millions of IPO shares at insider offering prices, then "flipped" them to the clamoring public for instant fortunes: Netscape...
...Wit's idea: pool investors' money into bids that win a 5%-to-10% share of some of these deals. The site witcapital.com already has the specs on Wit's first IPO, an Israeli networking-software firm called Radcom Ltd. Now, whether Radcom will make you a quick killing or make you the quick killing is unknown. The big news is that you and I can read Radcom's prospectus and purchase its stock as early as the chairman of Goldman Sachs...
...demand," he says, "you should have an impact on price." If 10,000 Little Guys keep collectively offering $14 for IPOs whose syndicates are offering $12, wouldn't IPO candidates start urging their underwriter to give small investors a place at the table? And might not these populist wrinkles--Wit plans to sell similar venture-capital shares in pre-IPO start-ups--affect numerous deals down the line, shifting profits from bankers to entrepreneurs and the masses, perhaps even changing the way whole industries get financed? Might Andy Klein have just sparked a financial revolution...
...once didn't exist. Some 3,500 intrepid souls bought $1.6 million in stock via the Spring Street Website; 18 months and numerous SEC consultations later, Klein hopes that by year's end 100,000 customers will each have invested around $16,000--a total of $16 billion--in Wit Capital...