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I suspect that it's a risk thing, new internet IPOs probably have the highest risk considering what they do and how new they are.

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My uninformed opinion is that many of these new internet IPO stocks are “greater fool” investments: They were bought for the purpose of selling to others without a lot of regard for their underlying fundamentals.

A general decline in the stock market hits the demand for “fashionable” and “greater fool” stocks hardest, so I expect professional managers to dump them quickly.

This is my read, too. People bought them thinking that it was 1997, turns out it might be more like 1937.

In that context, GroupOn's first-day IPO performance (assuming the IPO still happens) is going to be interesting.

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