When the facts change, I change my mind. What do you do? -- John Maynard Keynes

Friday, May 18, 2012

The Facebook Fad

For those who may not keep up with such things--Facebook went "live" today on the Nasdaq. However, there was no "pop" in the stock price.

Billionaires Take To Twitter To Talk Up Facebook - Forbes: "Billionaire and Pacific Investment Management cofounder Bill Gross was quoted by his company’s Twitter feed, @PIMCO, with a surprisingly sarcastic take on the whole offering. “Gross: Go #Facebook!,” read a PIMCO tweet at about 11:07 AM in New York. “I don’t know how to use it but I know a Bubble when I see one!!!” . .  .  AOL founder Steve Case has been tracking the company closely in the days leading up to the offering on his account @SteveCase. Presenting a stark contrast to Gross, Case tweeted: “Celebrating Facebook IPO today while reflecting on AOL IPO 20 years ago. Valuation was $70 million. Most thought Internet was a fad. #wrong. . . .”

Obviously the internet was not a fad, but AOL? OMG! (AOL stock went from $226 billion in 2001 to about $20 billion in 2006.)

And Facebook? Caveat Emptor!


The Big Picture

Financial Crisis - The Telegraph

JohnTheCrowd.com | The Sailing Website

Craig Newmark - craigconnects