When Facebook was about to be traded, it was a big deal. A lot of people were asking me for advise since I used to work on Wall Street. My advise was to was to stay far away from it as possible. Everybody looked at me like I was crazy. They were telling me how popular Facebook is and how many people use it.
We have to look at is as what it really is. It’s a website were people post mostly nothing. And this is Facebooks biggest selling point, their website.
What’s gonna happen is people are going to tire of Facebook as soon as something new comes along. Then what’s Facebook going to do. The website is their big seller.
Facebook opened around 38 dollars and now is selling under 19. When people see me now they think I’m a genius. I just tell them it was common sense.