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Timely post. I’ve been thinking “what the hell does that mean” in rears to Facebook. Two things in particular: what’s it mean that so many seem fascinated by the results of the IPO? Did people really think they’d get a quick turn-around on their investment? GM pulling ads sent a clear signal that should have resonated with every level of investor. Second, I think unread FB is moving I to mobile device market? Hope I read that wrong bc WTH does that mean? Seems a disaster. Scott D Anthony just posted a really informative graph that I’d guess MZ and team have also seen that indicates the losing proposition of moving into that market sector. Seems a move away from core competences; though, of course, the device would complement the service. Compete with Apple on this? Really? Good luck with that. Maybe I misread somewhere. Have been distracted. Anyway, I’m waiting on some clarity on the IPO and/or valuation thing. This far, Joe Nocera seems to be one of the few saying anything I’m finding meaningful.
Sorry for typos! Not a fan of touch screen typing!
Yes, interesting with a 25% drop off the IPO price….we will see….I still think Damodaran showed the most discipline on valuation…
Ha. Agreed. I like his idea of bankers being “inept” my word was “idiots” but inept is more politically correct and less hostile. Damodaran is on point. I had a conversation with an Ambassador last year who shared with me a nugget of wisdom, “don’t take the issue personally when incompetence is most likely the reason.” Not very hopeful for diplomacy or markets!
And I am SO not feeling like a change agent today… needed this post.