Yesterday could very well have marked the “Poster Boy” of financial mania in the IPO of Snowflake. Despite the fact that this company has great technology, fantastic growth prospects and support of both Warren Buffet and Salesforce, the valuation and price action is ludicrous. While there is no doubt it will be a very successful business and at sometime in the future will go on to make higher highs, I suggest it is going to melt down to below 200 and possibly closer to it’s IPO price of 120 before it ever exceeds yesterday’s high point of 319.