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April 7, 2021
Airbnb (NASDAQ:
Source: BigTunaOnline / Shutterstock.com
Airbnb went public on Dec. 10 at $68. Less than four months later, it trades at $182.
That’s a cool 167% return in less than four months. Yes, a first-day “pop” of 112% accounts for a chunk of the gains, and most investors couldn’t buy at that $68 price. But even off the first-day close of $145, ABNB stock still has returned more than 25%.
It’s a rally that I don’t believe makes much sense. And it’s a rally that I believe is driven by short-term factors.
When it comes to growth stocks, I repeatedly counsel investors to take the long view. Indeed, I gave precisely that advice even during the worst of last year’s pandemic-driven selloff.