IPOs

I think I must be the only person in Hong Kong who hasn't applied for a single IPO over the last few weeks. Everyone from the super rich and famous to the woman in the laundrette down the road has been applying for the things, levereging themselves and getting into debt for a piece ofthe action. Certainly, the gains have been enormous, but this doesn't seem much like investing to me. I think I'll stay on the sidelines.