What is an IPO?

With everyone poring over the big Facebook IPO filing, it's worth reviewing the mechanism by which a private company goes public via an initial public offering. On to the whiteboard! Marketplace's Paddy Hirsch is quite obviously the man for the job, with a little help from three little pigs:

Covestor Ltd. is a registered Investment Advisor. Covestor Investment Management licenses investment strategies from its Model Managers to establish investment models. The commentary here is provided as general and impersonal information and should not be construed as recommendations or advice. Information from Model Managers and third-party sources deemed to be reliable but not guaranteed. Past performance is no guarantee of future results. Transaction histories for investment models available upon request. Additional important disclosures are available here. For information about Covestor and its services, go to our website, Covestor Investment Management or contact Covestor Client Services at (866) 825-3005, x703.