"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?"
5/21/12
Facebook & the Market: 'Like' How He Analyzed the Situation
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?"
"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?"
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