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Know how many questions to expect in a section. There are about 500,000 buffalo in North America...and I expect to see each one of them at the next family reunion. (Uncle Abe, I'm looking at you.)

Three Paths to an IPO

There are three ways an underwriter commits to love, honor and ebay when they are taking a company public:

Best Efforts. Odd legal term – like what would Worst Efforts be? In practice, Best Efforts means that the underwriter is committed to only buy securities as a reseller or agent – not as a principal. They buy them and then turn around and dump – er, sell them. One of the big issues underwriters deal with is the question, “How much is enough?” – That is, would Facebook still go public...

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