Let it be clear: this isn’t telling you not to chase new listings (that’s a different game). It’s a reminder for anyone who wants to chase after a stock has a big gap-up on the secondary market—your margin of safety has most likely already been wiped out. A good company ≠ a good price. The discipline you should follow is to wait for a deep sell-off where it’s mispriced/mistakenly sold off—not to chase the opening high.