Bob Tells His Broker to Buy 100 Shares of Stock

Bob tells his broker to buy 100 shares of stock in every IPO that comes along, regardless of the issuer, because he has heard about the tremendous price increases in the first week of trading. Bob
Will likely:

A) Lose money, on average, because the most underpriced issues will likely be oversubscribed.
B) Make money, on average, because underwriters typically underprice new issues.
C) Lose money, on average, because he will tend to get few shares from overpriced issues.
D) Make money, on average, because issues tend to be oversubscribed, allowing him to cover his
E) Losses on bad purchases.