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When Space Exploration Technologies Corp. (SPCX) went public on June 12, a particular wealth advisor recieved a call from a client who simply asked: Did you buy any shares?
He had not… yet.
Like most analysts and advisors tracking SpaceX, the IPO was blowing through every valuation and screener condition imaginable. So, the client asked if they could just buy 10 shares anyway.
The advisor did as asked, later likening the trade to buying a lottery ticket after the jackpot already hit a billion dollars. The odds are not in your favor, but you buy anyway for the buzz and the hope.
