A word, from Mr. Robinson, about Facebook's stock plunging below IPO price:
"The Facebook IPO didn't quite reach the classic tulip bulb mania level of insanity. But, still, what were people thinking? After the first flush of exuberance and a weekend to sober up, the market has sent FB stock down almost 12% and still its P/E ratio is a dizzying 77. Fork over something like $33.65 and you're buying $0.43 in earnings per share. I guess the rubes think this is going to be another ground floor Apple or Microsoft type opportunity. But, Facebook doesn't produce anything. I suspect that it has already peaked as a social/cultural institution. Still, alot of people have made alot of money. Sine our money is an increasingly doubtful consensual hallucination, why shouldn't the stuff people invest in be equally fantastic?"