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Sooner or later, every investment product or strategy has its day in the sun, and these days, the investment vehicle that's getting the most attention is initial public offerings (IPOs). With prices of many new offerings more than doubling on the first day, it's no wonder small investors are trying to muscle in on the action. Tom Taulli's book Investing in IPOs is an excellent, easy-to-read guide that introduces most facets of the IPO business. An expert on the subject, Taulli writes online columns for several financial Web sites and appears regularly on CNN and CNBC. He describes many strategies for investing in IPOs, includes an examination of the mutual funds that buy them, and offers tips on how to avoid getting burned by fad offerings and shady brokers. He discusses management, balance sheets, business models, venture capitalists, and underwriters, and there's an excellent section on how to read a prospectus. As Taulli explains, "The best source of information on any IPO is its prospectus ... knowing what the risks are is important; realizing what they might mean to your investments is vital." The Internet has changed the way IPO information and shares are distributed, making it easier for small investors to participate, and the book includes the best sources, on- and offline, for IPO intelligence and market research. As Taulli explains, IPOs are one of the best places in the financial markets to find huge gainers, but investing in IPOs is a game best played by those who understand the risks. If you're determined to get into the IPO marketplace (and can get stock), then this book is a great place start. --Scott Harrison
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