Facebook and Value

 

I created and published the cartoon above in May, just before Facebook went public at $38 per share.  Today the stock dropped to a new low of $18.14 (and even lower in after hours trading), a 52 percent fall-off in just a few weeks.  I don’t pretend to know where the stock is headed (and I have no interest in it and advise no clients with an interest in it), but the problems I highlighted then still exist (and more).  Facebook is hardly the “next Google.”

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