The one thing I&#x27;ll say about Square is that this is the first tech IPO in the last 5 years where the investment banks are literally begging hedge funds to take stock.<p>In an IPO process as a hedge fund you find out just where you stand with the banks by how many shares you get issues at the IPO.<p>In squares case there I haven&#x27;t heard of any one getting cut back on their allocations.<p>I&quot;m  not sure if that&#x27;s a good or bad sign, but its out of the ordinary.<p>One interesting note that bloomberg just popped up:<p>&gt; 11&#x2F;19 10:01 Market makers (Barclays) still indicating $11. That&#x27;s an unofficial indication at this point, and above the $9 IPO price.<p>So I guess it could pop<p>Side note:<p>Burred near the bottom of Levin&#x27;s daily letter is an interview with Cliff Asness.  If you are interested in quant finance, check out his blog that he hosts on AQR&#x27;s site.  He&#x27;s one of the stars of &quot;The Quants&quot; and started one of the giant quant funds AQR out of Goldman.<p><a href="https:&#x2F;&#x2F;www.aqr.com&#x2F;cliffs-perspective" rel="nofollow">https:&#x2F;&#x2F;www.aqr.com&#x2F;cliffs-perspective</a>