May 18th is the day that we have personally designated as "Greater Fool Day" as investors scramble to buy shares of Facebook's initial public offering.
How many times have we watched over-hyped new stock offerings fuel a feeding frenzy that ends six months later with underwater investors and diminished asset values?
Too many times.
Okay, Dolans. Tell us why you're so down on probably the hottest stock offering since 2004 when Google went public.
Here's why: First of all...we are not great fans of IPO's, in general.
Secondly...the simple fact is that, at the end of the day, what makes a stock a good investment is earnings, nothing more and nothing less.
And in Facebook's case, LESS is the operative word.
Beyond the news a couple of days ago that GM is ending its ad buys on Facebook because it just isn't paying off, lies a bigger problem for all Facebook advertisers.
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