Ace of Spades HQ

May 18, 2012

On the Facebook IPO
— rdbrewer

The following comes from two emails I sent the cob loggers last September. I thought I was being dumb about Facebook's business model, so I didn't turn them into a post then. But now people are questioning the value of the stock offering.

Facebook is going to have an IPO eventually worth, I've heard, $100 billion dollars. Why? Why is it valuable? Because they can target advertising to people? How is that ability worth that kind of money?
First, advertisers already have sophisticated ways to learn who their buyers are. Granted, their surveys aren't as detailed, but they move products to the right people. Especially because of the following...
Second, advertising is done en masse. Very little of it is targeted to individuals, and most of that would have to be via computer. I suspect most people stomp on that kind of advertising with with adware and spamware.
Third, this "Facebook is so very valuable" religion that is centered on information is starting to remind me of the hype surrounding chaos theory and complexity. For several years, everybody agreed chaos theory was a Totally Awesome Thing, but no one actually knew what it was or what it was good for. Its value wasn't intrinsic; it was based on social pressure. Everyone had faith we would soon find these awesome uses. And anyone who questioned the religion, say, at a complexity seminar was treated as if they had farted in an elevator. Questions like, "What can be done with this?" And "Does anyone have any empirical data that shows something complexity theory can prove?"
So the reputed value of Facebook has the feel of another one of those religiously-held social beliefs. The reality is, it's just people chatting on the internet.
Why is knowing what toothpaste individuals prefer so valuable? Don't we know what toothpaste people generally want already? If we need more detailed information, don't we already have ways of finding out? You know, like marketing companies, surveys, and actual sales data?

And regarding the future of Facebook.

Also, people hate being shouted at with ads. Facebook is going to have to find something they want without shouting at them. For example, you go to Amazon to buy goods. You don't go to Facebook to buy anything. Ads are going to be ignored or treated with scorn there.
I think Facebook is going to have to find a way to do something else, like supplant the telecoms or buy retailing dotcoms. Whatever it is, it's going to have a completely different flavor, so to speak. They'll have to offer something. Because right now, the business plan appears to be:
1. collect information on people
2. ???
3. profit!
Collecting info on people and spying on their photos can't be worth that much. Something, yes, but not Amazon or Google money.
Maybe I'm showing a lack of vision.
The thing I fear is that they will feel the need to push toward further privacy invasion. Because where can they use their targeted information? At the news kiosk or, say, the quick stop. One of their computers recognizes you and asks you in a very charming way if it's time to buy some more K-Y Jelly. Or, "Hey, Monty! Last week you bought milk. Probably time to get some more! Have a nice day!" Or, "Your girlfriend is in Dallas at Fridays on Mockingbird Lane. Do you want to send her a drink!? How about some roses!?" (You thought your girlfriend was on a business trip to Des Moines.) Can there be anything more annoying than a friendly machine that recognizes you?
Anyway, point being, with all that information they've collected, they are going to be highly motivated to use it somehow, probably invasively. And they'll use a lot of that money to grease Congress to keep things loose so they can get what they want.

Anybody got any ideas? I still think that unless Facebook buys into a way to retail to consumers, the value will drop over time.

Follow me on Twitter.

Posted by: rdbrewer at 08:44 AM | Comments (134)
Post contains 680 words, total size 4 kb.

1 I'd say pretty much spot on. They've got to diversify into actual "stuff", and that right soon.

Posted by: Burn the Witch at May 18, 2012 08:51 AM (rX1N2)

2 I've always wondered why FaceBook and Google were so highly valued. They're advertising companies, in the case of Google they actually *do* have some products they sell. FaceBook is all fluff.

Posted by: Lone Marauder, pre-denounced for your convenience at May 18, 2012 08:51 AM (/bVuS)

3 Sure.

Posted by: weft cut-loop [/i] [/b] at May 18, 2012 08:51 AM (ebPtk)

4 Wasn't the dot com bubble inflated with the IPOs of companies that had the similar plan?
1. Create something people use for free
2. ???
3. Profit!

Posted by: Cindermutha at May 18, 2012 08:51 AM (VjOWD)

5 I clicked Like on the Crayola fan page. I like crayolas.

Posted by: Joe Biden at May 18, 2012 08:52 AM (QKKT0)

So I'm guesing you didn't "Like" the Facebook IPO?

For the record me either. I wouldn't buy a share of Facebook at a dollar let alone the going rate. Unless I could buy at a dollar and instantly sell to some dumbass paying $50 a share.

Posted by: Jollyroger at May 18, 2012 08:52 AM (t06LC)

7 Been watching their stock today. It's looking like their IPO is a flop

Posted by: WK at May 18, 2012 08:53 AM (dmGc7)

8 And we have a threadwinner at post 5. Well done, Slow Joe.

Posted by: Lone Marauder, pre-denounced for your convenience at May 18, 2012 08:53 AM (/bVuS)

9 Bundle up your information and sell it to the highest bidder (probably the NSA). Or else blackmail: "Hey joncelli, you know those pictures of you and the pikachu stuffed doll? Do you want to make those go away? How badly?"

(Example for illustrative purposes only. Really. Stop looking at me like that.)

Posted by: joncelli, heartless Con and all around unpleasant guy at May 18, 2012 08:53 AM (RD7QR)

Here's the thing. Suddenly Facebook says they're going to charge $5 a month for thier service. How many people stay?

Yeah, me neither.

Posted by: Jollyroger at May 18, 2012 08:54 AM (t06LC)

11 Hype hype hype

Posted by: Cant spell Sandusky without KY at May 18, 2012 08:54 AM (a4lmz)

12 Can there be anything more annoying than a friendly machine that recognizes you?

Four score and seven years ago, you checked into a Motel 6 with a hooker, Mr. Cavendish.

Posted by: Great Moments With Mr. Lincoln, ver. 2.0 at May 18, 2012 08:54 AM (QKKT0)

13 I wouldn't have minded having private stock, like Bono had. But right about now, I'd be looking for ways to unload it, fast.

Posted by: rdbrewer at May 18, 2012 08:54 AM (Iyg03)

Any product that depends on people entering information like "I ate a burrito and now I have to poop", isn't something I'd want to sock my 401K dollars into.

1. post stupid shit

2. ????

3. 3rd quarter loss of $$$$bazillion

Posted by: Roy at May 18, 2012 08:55 AM (bm4vI)

15 Or I guess Facebook could start selling pics of people off thier site to say penis enlargement pill companies for ads. Since they own anything uploaded. Including your image.

Posted by: Jollyroger at May 18, 2012 08:55 AM (t06LC)

16 I worked at *the* company that did one-to-one advertising to the mass market for nearly 12 years. They attached to the Point of Sale devices (the cash register's scanner) and watched your purchases. Buying a 12 pack of Pepsi? Here's $1.00 off of Coke. Already buying Coke? No need to give a high value coupon. Buying Zwiebacks, wipes, and teething tablets? Here's a nice coupon for diapers.

If you use anything with a number, be it a credit / debit card, check, or a shopper reward card, they could compare your shopping habits with the coupons they had already given you and see if they needed to be more aggressive or less.

Everybody won. The customer got the best price on the items they needed, the store got repeat visits, the manufacturer moved more product, and The Company Named After A Salad Dressing / Famous Boat Company made a *fortune* off of it.

When I left, they had over 9 petabytes of historical data. It was worth a LOT of money but they had decades of history to look at and compare to.

But Facebook? What do they really know of me? Sure, they can look for keywords, but if I crack a few jokes about topic X, doesn't mean I'm actually interested in purchasing them. And I too block most ads because they've never learned to be subtle.

I don't get it. But then again, it doesn't require that I do.

Posted by: Robb Allen at May 18, 2012 08:56 AM (MPhK9)

17 The most valuable thing Facebook has IMO is a good shot at single sign on (SSO). That is, when users are logged into Facebook they can seamlessly be logged into other junk without re-credentialing themselves. Their big rival for this piece of the Web is obviously Google.

Facebook's security has been notoriously bad, and as long as that is true, I don't think they can capitalize on the SSO piece. That's where they could establish themselves as a true power, however, if they improve it because as most Internet users become Facebook users, their SSO could become the standard. Then you charge other companies (not end users) to license your SSO connector.

There's not an enough ad revenue on the entire Web to justify the company's current valuation.

Posted by: Nicholas Kronos at May 18, 2012 08:57 AM (UCR1O)

18 How does Twitter make money?

Posted by: toby928© at May 18, 2012 08:57 AM (NG097)

@13

Yeah, I'd go for that. With an eye to dumping it off on some suckers in an IPO.

Posted by: Jollyroger at May 18, 2012 08:57 AM (t06LC)

Facebook will soon unveil the next phase of their business model: you have to pay them to keep your private information confidential. Obviously this means fewer new customers, but this will be more than offset by the increased revenues from existing and former customers.

And even if you pay them, they'll quietly sell your information anyway.

Posted by: Wm T Sherman at May 18, 2012 08:59 AM (w41GQ)

21 Breitbart lives!!! break ins in DC ,people dying Thats how commies roll!!http://tinyurl.com/c8nk4xj

Posted by: sonnyspats at May 18, 2012 08:59 AM (Qr9Rc)

22 How does Twitter make money?

Posted by: toby928Â©

I don't know, but the main purpose of it is to make liberals look like bigger asses than they do themselves.

Posted by: Roy at May 18, 2012 08:59 AM (bm4vI)

23 I don't own an FB shares. I wish I owned 1 million shares.

Posted by: nevergiveup at May 18, 2012 09:01 AM (eCnLg)

@18

I think you nailed it. If you can't figure out how a company makes money, chances are they can't either.

Sometimes hype alone sustains it. Like a Ponzi scheme. Everyone one wants a piece and pushes it higher until someone figures out the only thing holding the tent up is people coming in. When they stop paying admission, the tent goes pets.com.

Posted by: Jollyroger at May 18, 2012 09:01 AM (t06LC)

25 What the hell is Facebook?

Posted by: Payaso at May 18, 2012 09:02 AM (vTFnf)

26 Party like it's 1999.

Posted by: Clutch Cargo at May 18, 2012 09:02 AM (Qxdfp)

27 Sure. Posted by: weft cut-loop I concur.

Posted by: Soothsayer at May 18, 2012 09:03 AM (jUytm)

28 I still remember when Myspace was the shit. Hell, I might still be friends with Tom.

Posted by: Jollyroger at May 18, 2012 09:03 AM (t06LC)

29 Zero Hedge is reporting that the IPO has been a complete and utter clusterfuck, as NASDAQ has been having serious problems making the trades work correctly.

They may end up voiding a lot of purchase orders.

Posted by: Brandon In Baton Rouge at May 18, 2012 09:03 AM (e0xKF)

30 lol

Posted by: phoenixgirl at work at May 18, 2012 09:03 AM (4/NTV)

I don't get Facebook either. The hysteria strikes me as dot com bubble 2.0.

1. Create something people use for free
2. ???
3. Profit!

Shouldn't step 1.5 be "Get a whole shitload of people to start using it, albeit for free?"

Posted by: Jay Guevara at May 18, 2012 09:03 AM (jpD+a)

"not Amazon or Google money"

Isn't that how Google makes money? Snoop personal information, run a half-assed ad service, tell everyone they're going to mine asteroids, and collect the investments?

Posted by: indigo child at May 18, 2012 09:03 AM (xXhWA)

33 Sometimes hype alone sustains it. Like a Ponzi scheme. Everyone one wants a piece and pushes it higher until someone figures out the only thing holding the tent up is people coming in. When they stop paying admission, the tent goes pets.com.

Posted by: Jollyroger

Like Obama 2012

Posted by: Roy at May 18, 2012 09:03 AM (bm4vI)

34 Question for the Moron Collective: How much will Facebook stock be worth a year from now? I'm thinking under $20 a share.

Posted by: Gregory of Yardale at May 18, 2012 09:03 AM (gPDxp)

35 Facebook is a hive of scum and villany.

Posted by: model_1066 at May 18, 2012 09:04 AM (YbQJm)

36 WIDGETS!!! They worked for Ace. The guy is rollin in it!

Posted by: dananjcon at May 18, 2012 09:04 AM (eavT+)

37 Targeted advertising is the Holy Grail. Remember the last dot-com bubble? I worked for a company that had databases of membership for non-profits. People really really wanted those databases. The word then was "eyeballs," your random eyeball on Yahoo portal or whatever was worth a dollar, if you could qualify those eyeballs they were worth ten or even a hundred. You know that whole thing about half of your advertising dollars are wasted, the problem is you don't know what half? Well, people thought - and stil do - that you could get rid of that half waste. But it really isn't new. Non-profits (your professional organizations, etc.) have membership magazines, and they get phenomenal ad rates - think about it, if you sell dental x-ray machines, what sense does it make to buy in Time (back when Time had wide readership?) If you put your ad in the Journal of American Dentistry (or whatever) it is worth that much more to you. And that is what people who sell stuff want. Say I know you are a lesbian who is into outdoorsy stuff, I might then know that you are a good candidate for a Subaru. Spending 2 or ten times for that ad may be better than a generic ad on TV or whatever. But I think a lot of things just don't translate. General products need a general audience. And, it takes work to figure out or to tailor a product to a niche audience. This whole thing about Ford and GM. I am pretty sure that GM doesn't have a good idea about who their buyers are or who their intended buyers are. What is the "young fun" car from GM? Ford does know, it (kind of) makes sense for them to pitch ads to the young fun crowd. But GM cars are really more general, or are meant to be.

Posted by: blaster at May 18, 2012 09:05 AM (7vSU0)

@33

There's a common denominator there

Posted by: Jollyroger at May 18, 2012 09:05 AM (t06LC)

39 I can say with complete confidence finance is not my strong suit. So how about them Knicks

Posted by: nevergiveup at May 18, 2012 09:05 AM (eCnLg)

40 Facebook is a hive of scum and villany.

Posted by: model_1066

Like Obama 2012

Posted by: Roy at May 18, 2012 09:05 AM (bm4vI)

41 I wouldn't get near the Facebook IPO, it's going to be MySpace in 5 years (and that's being optimistic)

Remember when Yahoo was the 800 pound gorilla of search engines?

And I'm sure a 28 year old programmer as CEO of a $100 billion company will lead to even greater things.

Already, FaceBook has lost the hip status, even among adults. It was never anything special, essentially a "college" version of MySpace.

Posted by: Brigadier at May 18, 2012 09:05 AM (0kf1G)

42 Facebook is a hive of scum and villany. Posted by: model_1066 at May 18, 2012 01:04 PM (YbQJm) Well yeah it has it's good points

Posted by: nevergiveup at May 18, 2012 09:05 AM (eCnLg)

43 237 CNBC had a few moments there where their reporting was very unclear, as near as I can tell, fb never halted but was as you can observe was late coming out of the gate.

Zynga was halted. http://tinyurl.com/8ypdcfg

They weren't very clear on CNBC.....

They are no discussing the possibility that someone came in and supported the stock but they haven't been able to confirm this...

"The Facebook Ardennes: Spot The Syndicate Stick-Save" http://tinyurl.com/8x6syzp

Posted by: wonder at May 18, 2012 09:07 AM (oZfic)

44 Traditional ways to target ads towards masses of people suck. That's why we hate most ads so much. Think of all the ads you come across in a day that sell something that has zero interest for you.

Facebook's whole "like", "read", "watched", "listened to" concept is to capture extremely detailed information about your interests over a long period of time. And this is also NOT an anonymous environment where info may be goosed. Real name, real interests, real friends etc...

FB is sitting on incredibly valuable info. My sense is that they have been cautious / slow about how they offer ads so far. (Things like: show ads by brands that your friends have liked have good click thru's supposedly). But there seems to be so much more room for innovations on this front.

My guess is that this entire FB phase has mostly been geared to innovations in growing memberships, growing time-on-site, growing info about users. My guess is that after this IPO, significant resources will be devoted to developing engaging ads.

They are currently making $5/user/yr I think I heard. Google is making $50/user/year I believe -- based mostly on knowing what people are in the market for because they are searching for it.

FB's valuation puts the number at something like a $200?/user/year or so I think I heard. Can FB get $50/user/year out of their users? I think so, without a doubt. $200/user? Don't know...

Posted by: Hoss at May 18, 2012 09:07 AM (zk1ly)

45 @42 - Holy crap, I literally *just had that thought* re: Facebook, MySpace, and Yahoo search.

GOOMH.

Posted by: Lone Marauder, pre-denounced for your convenience at May 18, 2012 09:07 AM (/bVuS)

46 You're all wrong on this, Ace. I'm not saying that the facebook isn't overvalued, but Facebook is worth a lot. I'm in strategic marketing. The rules of marketing have changed over the past fifteen years. Facebook's topic-oriented, direct-to-audience marketing picks up where Google's AdSense leaves off. And Google's AdSense is great. The fact that facebook can allow me to reach the exact demographic I'm targeting with a tailored message means I'm willing to pay for it. The fact that it's cheap means I'm willing to pay to do it a lot. The mistake you make is in thinking that marketers will use facebook the same way they use mass media like print and TV. If they do that, then yes, they'll fail. But if marketers use facebook to engage with a very specific group in a way that adds value to that group's experience, then they'll succeed. You can only do that by mining deep into the demographics and making sure you're using the right message for the right audience. Facebook lets you do that. Facebook allows marketers to go very deep with a small group, and it allows them to do it very cheaply. As far as Facebook evolving to remain hip, I agree that they'll have to work to stay relevant. But one thing they've done very well that gets overlooked is 'commenting.' How many sites have adopted facebook apps for their comment system? It's just easier from a technical standpoint, and the loss of anonymity clears up most of the more desperate trolling. And those comments reveal even more about facebook's users, which allows for even better target marketing by people like me. The trend in marketing right now is to build greatness into a product or service and then target your offering to a very small, select audience. We tell people to pick an unusual slice of the market and try to dominate it. Don't try to be good for everyone; be truly great for a few. Hedgehog and all that... Facebook matches your odd offering with those odd people you're trying to reach. They're not the only ones who do it, but they're the only ones who have acces to information on half a billion people. An ad in the NYT says, "hey, we're a real company who can afford to advertise here." Ads on facebook [should] say, "is there any way I can help you do what you're already doing a little better?" I could go on, but you get the gist.

Posted by: CC at May 18, 2012 09:07 AM (A+Su2)

I'll go ahead and say it. Myspace was better.

You could personalize more. The only thing it lacked was the ability to block out people in the early stages.

Posted by: Jollyroger at May 18, 2012 09:07 AM (t06LC)

48 Already, FaceBook has lost the hip status, even among adults. It was never anything special, essentially a "college" version of MySpace. Posted by: Brigadier at May 18, 2012 01:05 PM (0kf1G) Not so sure about that. It's still used by millions and millions of people for keeping in touch and transmitting information. Even the US Military use it for some non-confidential things.

Posted by: nevergiveup at May 18, 2012 09:07 AM (eCnLg)

49 The best thing about Facebook is that some young dudes just made a fuckton of money off of it. America - Fuck yeah!!

Posted by: Roy at May 18, 2012 09:07 AM (bm4vI)

50 We don't serve their kind here. Your dogs. You'll have to cook them yourself.

Posted by: Mos Eisley Barkeep at May 18, 2012 09:07 AM (NG097)

51 Isn't that how Google makes money?

First, you go to Google to read the results they offer. You don't go to Facebook to Google something.

Second, Google sells placement. Those things that appear at the top of a search? They're paid for.

Third. I'm sure there's a third. Google does other stuff. Or something.

Posted by: rdbrewer at May 18, 2012 09:08 AM (Iyg03)

Barak can take about an hour on the tower of power

As long as he gets a little golden shower.

Posted by: model_1066 at May 18, 2012 09:08 AM (YbQJm)

53 Facebook - The Barack Obama of Social Networks

Posted by: not a fan at May 18, 2012 09:08 AM (gCa4h)

54 I don't own an FB shares. I wish I owned 1 million shares. Better than nothing, but if you weren't an insider, you'd be restricted. Imagine sitting on $42 million in paper as all the insiders are allowed to dump their shares on to the market. Six months of drip, drip, drip.

Posted by: t-bird at May 18, 2012 09:09 AM (FcR7P)

55 18 How does Twitter make money?

Posted by: toby928Â© at May 18, 2012 12:57 PM (NG097)

Company's/people pay $$$ to get their Handles promoted (blue check nect to their profile) that gives them acces to followers/Twatters.

Thats how i fugure it, coul be wrong though. I am a moron but at least I don't pick on poor defensless Mexican maids.

Posted by: dananjcon at May 18, 2012 09:09 AM (eavT+)

56 We tell people to pick an unusual slice of the market and try to dominate it. My father has a saying: Don't start a business where your profit is measured in pennies per ton.

Posted by: toby928© at May 18, 2012 09:09 AM (NG097)

57 Hmm ... from ZH

NASDAQ HAS PROBLEM DELIVERING FACEBOOK TRADE EXECUTION MESSAGES

http://tinyurl.com/7lfudck

Posted by: kbdabear at May 18, 2012 09:09 AM (Y+DPZ)

58 The thing I fear is that they will feel the need to push toward further privacy invasion. Because where can they use their targeted information? At the news kiosk or, say, the quick stop. One of their computers recognizes you and asks you in a very charming way if it's time to buy some more K-Y Jelly. Or, "Hey, Monty! Last week you bought milk. Probably time to get some more! Have a nice day!" Or, "Your girlfriend is in Dallas at Fridays on Mockingbird Lane. Do you want to send her a drink!? How about some roses!?" (You thought your girlfriend was on a business trip to Des Moines.) Can there be anything more annoying than a friendly machine that recognizes you?

"Hello Jennifer! Are you interested in becoming a nude model? You've taken over 500 pictures of yourself in the mirror wearing only your thong underwear ($19.99 for pack of 4 at Victoria's Secret) over the last 23 days and sent them to a third party adult content webhost located in Van Nuys, CA. Would you like to sign up? Click to forward your personal information now."

Posted by: EC at May 18, 2012 09:09 AM (GQ8sn)

It's the Global Warming of IPO's.

It's the Barack Obama of IPO's.

Until they have a Sit On My Facebook, I'll wait.

Posted by: wth at May 18, 2012 09:10 AM (wAQA5)

@46

We used to have a saying in business school, "If it isn't sales, its only marketing."

Facebook may market awesome, but there is zero proof it moves people or dollars to those advertising.

Posted by: Jollyroger at May 18, 2012 09:10 AM (t06LC)

61 And how is this different from the Google and Yahoo stocks? Here's my explanation for the current value of these stocks: They are a form of a Ponzi scheme. You can figure out the rest.

Posted by: Soothsayer at May 18, 2012 09:10 AM (jUytm)

62 "Facebook Wobbles in Debut, Shares Skirt IPO Price" http://tinyurl.com/7rao477

Posted by: wonder at May 18, 2012 09:11 AM (oZfic)

63 Using approximations, and no increases in the number of users, just for the thrill of the chase... Each user of Facebook seems to be worth, at this moment, $100.00. (one billion users ... one hundred billion dollars) So, over the lifetime of the current user base can I sell that users information, as it changes over time, again and again, packaged in various on-demand ways, adding value in other words, so that my "free" resource, my market valued user, continues to earn his/her keep. If one then began to think of my "free" resource, my user, as a potential customer that begins to add additional value to itself by making purchases from ME, then I think that I may be close to a perpetual motion machine. Never forget that you, the market, has just given me 100 billion dollars to play with. I don't see how I can lose, unless I abuse very badly my "free" resource. No?

Posted by: And Irresolute at May 18, 2012 09:11 AM (RC3M9)

64 Already, FaceBook has lost the hip status, even among adults. Barrier to entry: zero.

Posted by: t-bird at May 18, 2012 09:11 AM (FcR7P)

65 They are currently making $5/user/yr I think I heard. Google is making $50/user/year I believe -- based mostly on knowing what people are in the market for because they are searching for it. FB's valuation puts the number at something like a $200?/user/year or so I think I heard. Can FB get $50/user/year out of their users? I think so, without a doubt. $200/user? Don't know... Posted by: Hoss at May 18, 2012 01:07 PM (zk1ly) I click on every Obama, Grayson, and Carbonite ad I see. I will never vote or use their products.

Posted by: Underground Vulgarian at May 18, 2012 09:11 AM (oipCQ)

66 Facebook IPO is selling off its potential to be something more. It has broken the major personal privacy barrier left in people's lives. It can sell itself now for anything it needs, any possible tool a company would like to sell to an individual or anything Facebook can dream up.

Posted by: Adam Smith's Invisible Pimp Hand at May 18, 2012 09:11 AM (tKFT6)

67 Oops. not a fan beat me to it.

Posted by: wth at May 18, 2012 09:11 AM (wAQA5)

68
Shit, why does my site smell like cat piss????

Posted by: ZeroHedge at May 18, 2012 09:12 AM (xDqit)

69 Third. I'm sure there's a third. Google does other stuff. Or something. Perhaps Third is Google's deals with smartphone makers?

Posted by: Soothsayer at May 18, 2012 09:12 AM (jUytm)

Already, FaceBook has lost the hip status, even among adults. It was never anything special, essentially a "college" version of MySpace.

Posted by: Brigadier at May 18, 2012 01:05 PM (0kf1G)

And neither are laid out intuitively or as user friendly as they should be.

Posted by: Burn the Witch at May 18, 2012 09:13 AM (rX1N2)

71 Yahoo sees to be big into backend online selling. Several site I buy things from use Yahoo to do the actual ordering.

Posted by: toby928© at May 18, 2012 09:13 AM (NG097)

72 seems

Posted by: toby928© at May 18, 2012 09:14 AM (NG097)

73 Paypal was brillliant.

Posted by: Jollyroger at May 18, 2012 09:14 AM (t06LC)

74 What about trend analysis (what topics people are posting about) and/or using it to push certain topics into the news/mainstream?

Posted by: Lizzy at May 18, 2012 09:14 AM (Hu7z1)

75 Facebook feels a bit like Microstrategy, stock-wise.

But Facebook has over 65 billion members (all of whom are real, real, real people *wink, wink*) so the sky's the limit.

The most pathetic part about this stock offering is that the idiots are buying what is, essentially, non-voting stock. Basically, they're buying Facebook bonds with no interest. Lefties love two-tiered stock structures - one for the elites and one for the little people to give them money and shut the fuck up.

Zuckerberg has every right to issue essentially worthless stock and maintain full control. Good for him. Capitalism in action. Caveat emptor, bitchez, which is how it should be.

But it is funny that no one mentions this non-voting angle in all the gin-clouded hype about the web site. The company makes some money. It'll make more, for sure, but I doubt 100 billion worth of more - though anyone willing to lay their life open to be mined and sold is a pretty rich resource and there are a lot of these needy codependents who view advertising targeted at them as if they are building new friends in the business world.

Posted by: ThePrimordialOrderedPair at May 18, 2012 09:15 AM (X3lox)

76 I thought you were shooting for ceases.

Posted by: Soothsayer at May 18, 2012 09:15 AM (jUytm)

77 Posted by: ThePrimordialOrderedPair at May 18, 2012 01:15 PM (X3lox)
This reminded me of the recent google stock "split"...

Posted by: wonder at May 18, 2012 09:16 AM (oZfic)

Think of people's information like a commodity that someone is willing to pay lots of money for, and that is what Facebook is selling. The expanded business model is to use smartphones that are situationally aware to deliver ads, at some point your phone will even be able to be used to pay for the item you are purchasing.

Japan already has the targeted billboards based on reading the smartphone data from people walking by, FB gives advertisers oodles and oodles more information about you.

All that said, I think the Facebook IPO is a whole lot of hype and I highly doubt Mark Zuckerberg will be able to maintain "the next big thing" that is needed for long term success in the technology industry. I suspect, like many of the internet bubble guys, he will go on to be a venture capitalist, throwing his money at others who have cool ideas in order to maintain a patina of hip once his fades.

Posted by: ParanoidGirlInSeattle at May 18, 2012 09:16 AM (RZ8pf)

79 @Robb Allen "But Facebook? What do they really know of me? Sure, they can look for keywords, but if I crack a few jokes about topic X, doesn't mean I'm actually interested in purchasing them. And I too block most ads because they've never learned to be subtle."

Which is why FB has the entire "like" system (and more recently the "listened to" "read" "watched" etc...) and why they have apis for thse things to live outside of facebook.com and on websites all over the place: they are storing tons of info about what you like and what sites you visit etc...

And if you click "like" they know that type of brand/product/service has even more importance to you than being in a loosey goosey, broadly defined demographic.

Posted by: Hoss at May 18, 2012 09:17 AM (zk1ly)

80 I think that FB at $100B is kind of ridiculous. But what do I know, I work for the man, and some 28 year old dweeb just became a zillionaire. Thing is that what FB offers to its users and what it offers to its customers is totally different. As a Facebook user, it is almost impossible to quantify its value. An old Army buddy letting you know he's a grandpa now - value? I don't know, but good to know. The random interactions are the value to me. And hell, I see news there that I used to get from Instapundit - like Donna Summer dying, or the Wiggle breaking up - its on FB like THAT. If you remember your psych 101, random reward intervals work the best. So from a user perspective, not too bad. For their customers, what they offer is the USERS - so if they keep users involved, they can continue to sell access to them. Like I said above, targeted advertising is the Holy Grail, but it is hard work to have something that targeting will help. Wouldn't make sense for Microsoft to sell Windows OS on there, I don't think - but if I had a bunch of music posts and likes then maybe it makes sense for them to advertise the Zune. Oh, wait.

Posted by: blaster at May 18, 2012 09:17 AM (7vSU0)

81 But Facebook has over 65 billion members (all of whom are real, real, real people *wink, wink*) so the sky's the limit.

Hahaha! I know what you mean, we used to set up fake facebook accounts to catch potential employees in the act of doing something stupid. Men are dumb enough to friend hot girls they don't know.

Posted by: Adam Smith's Invisible Pimp Hand at May 18, 2012 09:18 AM (tKFT6)

82
It amuses me how these wunderkind internet/computer execs use their personal appearance to appeal to a specific demographic. Bill Gates has the computer geek bowl haircut; Jobs had the black turtleneck; Zuckerberg has the college kid hoodie & tshirt.

Posted by: IllTemperedCur at May 18, 2012 09:22 AM (xDqit)

83 @rdbrewer re:response to: "Isn't that how Google makes money?"

Google sells advertisers access to people who may be interested in X -- because they are searching for X, and/or visited sites related to X.

Facebook sells advertisers access to people who may be interested in Y -- because those people have shown an interest in Y by their conversations with friends, their "likes", their "listens", their "reads", visits to various websites etc...

Posted by: Hoss at May 18, 2012 09:22 AM (zk1ly)

84 Never forget that you, the market, has just given me 100 billion dollars to play with. I don't see how I can lose, unless I abuse very badly my "free" resource. No? Not exactly. One reason for the valuation is that hte company retains a lot of stock. Say you sell one share at $X, and you keep 99 shares, then the way the game is played, you are worth $100X - but not really. If you went out and peddled the other 99 shares, you probably aren't going to get $X for each of them. That is one of the bubble things, I think that is borderline dishonest for companies to do it. THey artificially inflate their value.

Posted by: blaster at May 18, 2012 09:22 AM (7vSU0)

85 Best line about Facebook: Twitter helps me like people I've never met. Facebook makes me hate people I already know. I limit my Facebook just to limit family friction. There are cousins that I now hate that I never had a problem with. But they can't resist talking politics on Facebook. In the past we just spoke once a year at a wedding about cousins and family memories. But now I get to have them jab me in the face with their most passionately held beliefs about how Republicans are racist, sexist, homophobic nazis. In many ways I think Facebook makes people unhappy. Facebook has slightly improved a few of my family relationships -- but seriously harmed several others. The harm has definitely outweighed the benefits - for me at least.

Posted by: Flatbush Joe at May 18, 2012 09:24 AM (ZPrif)

86 I predict FB will be selling in the 20's within a year. It's a useful tool, but hyper-overblown. The biggest flaw is, like it always is, a kind of saturation, both in terms of friends, and advertising. That's true for Twitter too, but no one is getting rich off Twitter.

Posted by: @ParisParamus at May 18, 2012 09:24 AM (bN5ZU)

87 Facebook ultimately is about "intelligence". All sorts of intelligence but the must lucrative right now is probably marketing intelligence. First of all, if you haven't read the book "Tipping Point", I would suggest you do so. I'll wait .... ok, good. Now lets say I release a new product such as a TV show or even a new kind of sneaker or a toy. I can get an idea of the "buzz" surrounding that product from Facebook if people talk about it. I can tell how well a movie is doing, etc. But not only that, I can tell how likely it is GOING to be by WHO is talking about it.

Among communities of people there are certain movers and shakers. These are people who tend to be early adopters of things and people look at them as sort of heralds of new stuff. If those people think it is great, then my product is going to get traction. Then there are another group of people who have a lot of long term but loose friendships. These are important networkers, too. These are the people who know who the goto people are for just about anything and are the ones who are always consulted on various questions and hook people up with others who have what they need. These are sort of the social matchmakers. Hey, I need my chicken scraped. Go see Mary, she's knows the best chicken scraper in New York. That sort of stuff. So once your product gets some buzz from the early adopters and starts being touted by one of the major networkers, you're golden.

So now about ads. If you can target ads to certain people, you have more chance of a greater overall success through word of mouth adoption than if you advertize to other people but you have to know your demographic. For example, the people most likely to get your Android app adopted widely are probably a different group from people who would get wide adoption of the Snuggie.

So it is all about who you know. When you "like" an application or page on Facebook, you often give that page or application access to your friends list. That tells them who you know. It also gives them access to everything your friends share with friends of friends. You may not realize this but many of your "friends" are applications and so are many of your "friends of friends". They are watching what you mention and in some cases while you are logged into Facebook, where you are browsing to. If a new product is released and a marketing firm can get their fingers on the pulse of who is buying it, who likes it, who doesn't like it, they can adapt very quickly to real world conditions that might be quite different from what their initial research told them. They might learn that they are getting traction in a completely different demographic from where they thought they would and begin to immediately adjust their advertizing to aim at that demographic. By the same token they might learn that an anticipated target group isn't all that hot on it so they can adjust to that as well.

Also, once you "like" a product or store or something, they know who your friends are and they can begin to target them with ads. You might see something on your facebook page that says "Bill Jones likes Wallmart" where Bill Jones is one of your friends.

But this also opens up the chance to completely mess with them, too, by "liking" things you just can't stand in an over the top sarcastic way. If enough people do that, it can completely skew their data, particularly if the people doing that are the "important" ones. And the "important" ones might not be the ones you might expect. It might be your Aunt Maisey whose raves on Snuggies caused 14 of your cousins to try one. They might pay very close attention to what Aunt Maisey likes but pay no attention whatsoever to crazy Uncle Bob over his raving about Billy Beer because they know that nobody listens to Uncle Bob.

Facebook's lucrative product is marketing intelligence and that only works as long as they have eyeballs and people are actively using the system. Once people drift away from Facebook and stop using it much, Facebook's value goes straight into the toilet. Long term the ones with the best angle in this market is Google with their integration of gmail, youtube, blogger, and Google+ and I am willing to bet that over the long term, Google will eat Facebook's lunch.

Posted by: crosspatch at May 18, 2012 09:24 AM (ZbLJZ)

Nothing happens until someone sells something. The phones don't ring. The orders don't come. The products don't ship. The checks don't get cashed.

So get off your fucking ass and sell something!!

A motivational speech from a millionaire. My boss.

Posted by: dananjcon at May 18, 2012 09:27 AM (eavT+)

Aside from wishing I'd invented it, I have zero use for Facebook.

Posted by: Natasha at May 18, 2012 09:27 AM (jU5uf)

90 stupid Facebook. there is no Friday's on Mockingbird Lane

Posted by: X at May 18, 2012 09:28 AM (KHo8t)

91 @Underground Vulgarian

The banner ad networks may think you like Obama but...

Are you searching on Google for "cheap vodka", "hobo hunting", visiting this site? (which uses Google Analytics)... If so, then Google may have a better idea of you than you imagine.

In Facebook: are you talking with friends about "cheap vodka", "hobo hunting", liking the "Smith & Wesson" Facebook brand page, visiting a site like HotAir.com that uses a Facebook widget? Then Facebook may know more about you than you imagine.

Posted by: Hoss at May 18, 2012 09:29 AM (zk1ly)

92 Most of the people I know use Facebook as PR for themselves. It's a daily version of the old annual Christmas card about how awesome everything in their family is.

Posted by: Flatbush Joe at May 18, 2012 09:29 AM (ZPrif)

93 Bono from U2 has a 2.3% stake in Facebook. How much of the billions he made today will be used to pay off 3rd world debt?

Posted by: AndrewsDad at May 18, 2012 09:30 AM (C2//T)

94 I agree wholeheartedly that it is a bad buy... unless you can sell to the suckers that are going to jump in and try to make money off the initial sale, which while up a little bit right now, may not be enough to justify the buy. I do not think it is going to do well at all, after the first few days. Always there is the question, if the owners saw the writing on the wall and decided to cash in. That is my bet.

Posted by: Harry at May 18, 2012 09:30 AM (ccVrD)

95 @pgis
The next big thing? How did that work for Jim Clark and the new, new thing called Netscape? Well, he's still mighty rich. I don't see Zuckerberg selling pencils anytime soon. He is selling bullshit today, though.

I think a great business would be Cheshire Cat, Inc. That's where you smile and slowly disappear from the view of marketers, various gubmints and other nosy pests. Can't figure out how to implement it though.

Posted by: chuckR at May 18, 2012 09:33 AM (XLu7l)

96 Capitalism kicks ass.

(A friendly reminder that Facebook is not a Spanish, French, German, Dutch, Russian, South African, Egyptian, Venezuelan... company.)

Posted by: Hoss at May 18, 2012 09:33 AM (zk1ly)

97 The really important question:

Will this IPO make it easier to find pics of half-naked girls?

Posted by: EC at May 18, 2012 09:35 AM (GQ8sn)

Can there be anything more annoying than a friendly machine that recognizes you?

-------

No problem. We just have to give them a genuine people personality so they can become your plastic pal who's fun to be with!

Posted by: Sirius Cybernetics Corporation at May 18, 2012 09:36 AM (xGZ+b)

99 86 I predict FB will be selling in the 20's within a year. It's a useful tool, but hyper-overblown. The biggest flaw is, like it always is, a kind of saturation, both in terms of friends, and advertising. That's true for Twitter too, but no one is getting rich off Twitter.

Posted by: @ParisParamus at May 18, 2012 01:24 PM (bN5ZU)

yet

Posted by: wonder at May 18, 2012 09:37 AM (oZfic)

100

"Facebook users have sued the company for $15 billion for tracking members' online activity even after they leave the site." http://tinyurl.com/7388ba7

well that was easy money for the process server.

Posted by: wonder at May 18, 2012 09:43 AM (oZfic)

101 The Facebook folks missed a real opportunity to increase their user base substantially, and make some really easy money in the process. They needed to offer one share, and one share only, at a fixed price, to each registered user as of midnight last night. They could have "invested" their user base in wanting to make the site long lived and prosperous. It is funny how attached and motivated people are in things if they have some skin in the game. Like, if Ace offered to sell me one share of the AOSHQ for $35, how could I resist?! I would want it to succeed even more than I do now, demonstrated by making my purchases through his widget, etc. It would have to be a one-time-only kind of thing though, so as not to cheapen the feeling of ownership and belonging that I would have been purchasing. "Well, yes, in fact I do OWN the HOSHQ!" :-)

Posted by: And Irresolute at May 18, 2012 09:44 AM (RC3M9)

102 99 "That's true for Twitter too, but no one is getting rich off Twitter." @wonder

The same sort of intelligence can be had from Twitter, too. Find the movers and shakers, follow them, watch when they rave about something or the opposite. See who THEIR followers are, etc. The same sort of business intelligence can be had from twitter and it is generally easier to get. I could base a marketing intelligence firm off of nothing but social networking. I would need a facebook app or game that gets people interested enough to "like" me but twitter networks are much easier to come by as everything is public unless someone has protected their stuff, then you just need to "follow" them. There are lots of stealth "followers". Check your twitter follow list and see how many you have that have never tweeted or who have made only the odd inane tweet at infrequent intervals. Those are likely vacuums just sucking up all your interactions.

Posted by: crosspatch at May 18, 2012 09:44 AM (ZbLJZ)

103 And Suckerberg is a form of Anti-Christ and a friend of BHO

Posted by: clemenza at May 18, 2012 09:44 AM (Epz9+)

104 It would have to be a one-time-only kind of thing though, so as not to cheapen the feeling of ownership and belonging that I would have been purchasing. "Well, yes, in fact I do OWN the HOSHQ!" :-)

That's right! Everyone wants a piece of an online site that doesn't do shit before noon.

Posted by: EC at May 18, 2012 09:45 AM (GQ8sn)

105 I have used Facebook for different promotions with my job (not personally) but among my friends that do use it, they're getting bored with it. Especially when you become a "real" adult with a wife and/or kids. It almost becomes abandoned, with people maybe checking in once a month.

And the younger set is also starting to move on, once Mom and Dad and Grandma and Grandpa have friended their kids/grandkids on their own Facebook accounts, it sort of jumps the shark.

All of this is anecdotal, but I get the sense that Facebook is going to be a joke in a few years. The company is definitely worth something, but I would peg the value closer to $10 billion than $100 billion.

Posted by: Brigadier at May 18, 2012 09:45 AM (0kf1G)

106

85 In the past we just spoke once a year at a wedding about cousins and family memories. But now I get to have them jab me in the face with their most passionately held beliefs about how Republicans are racist, sexist, homophobic nazis.

---------

This is one thing about Facebook I don't get. Do these idiots (my family and friends included) really think that they are going to change the opinions of any of the few folks that follow them by reposting pre-packaged drivel?

Makes no sense to me. Yet most of the folks I'm friends with on Facebook do it.

Posted by: Anachronda at May 18, 2012 09:48 AM (FzhYM)

107 Facebook tried to sell me some ads but my target demographic isn't 14 year olds on an allowance.

Posted by: X at May 18, 2012 09:53 AM (KHo8t)

108 Anyone remember what Yahoo paid for GeoCities? As far as I can tell, FB is just a more sophisticated version of GeoCities.

Single Sign On? Microsoft and Google have been peddling that for a long, long time. Heck, the Hotmail account I started in 1996 is my Windows 8 login that automatically connects all of my other MS cloudy stuff. Though my XBL account is different and it isn't clear how I deal with that yet to still get the automation benefits. Not that I've made much effort but I just know a client will raise the issue as soon as machines start shipping with Win8.

Posted by: epobirs at May 18, 2012 09:55 AM (kcfmt)

109 Let's see, spoiled brats who live off others, want a service that they pay nothing into to share the loot?

Occupy Wall Street ‏@OccupyWallSt

#facebookIPO is again building on the backs of the public. The company should be owned by the users not the usual http://youtu.be/rpbRXXntGM8

Posted by: kbdabear at May 18, 2012 09:56 AM (Y+DPZ)

110 Stay away from Facebook stock. You'll only make back Farmville bushels.

Posted by: logprof at May 18, 2012 10:02 AM (ykSKg)

111 Zuckerberg sold today b/c he knows FB is about to jump the shark.

The info won't be used for anything legal -- I would bet criminals are trying to hack in for identity theft purposes and that's about it.

I think the marketing value of all this info will go down eventually too. Companies should spend more money on customer satisfaction than always looking for new ones. I feel like when I complain about a product (except at Amazon) I get ignored. For instance, I wrote a couple times to a pet food company to ask them to keep the food in stock in my store cuz the dog loves it. I gave up asking after six months. But I'm sure they're buying marketing info!

Posted by: PJ at May 18, 2012 10:08 AM (DQHjw)

112 Well! While you losers are investing in Facebook, I'm making a fortune in tulips!

So there!

Posted by: Soon to be fabulously wealthy! at May 18, 2012 10:08 AM (opLk0)

113 *Ahem*

Posted by: MySpace at May 18, 2012 10:09 AM (dizKt)

114 Oldthinkers unbellyfeel Facebook!

Posted by: The Times at May 18, 2012 10:10 AM (eOVyl)

115 I notice that my Kindle Fire, displaying the same Google page (NASDAQ:FB) as my desktop rocket, is ahead on the ticker. As I write this my Kindle is up a penny ... and I have been watching this for awhile so I know which one is ahead of the other as far as the feed goes. Just interesting is all. I would be curious if your phones, etc., are ahead/behind your big iron.

Posted by: And Irresolute at May 18, 2012 10:17 AM (RC3M9)

116

Just got off the phone with my broker. Traded all my myspace shares for facebook shares.

Posted by: California Red at May 18, 2012 10:22 AM (xC7pk)

117 Its not important what they know about me if they can't format the targeted ad in a way that grabs my attention w/out being intrusive. I use facebook a decent amount and for the life of me I can't ever remember acknowledging a single ad.

Posted by: defjavidson at May 18, 2012 10:30 AM (XOHuo)

118 117 "I use facebook a decent amount and for the life of me I can't ever remember acknowledging a single ad." @defjavidson

I don't even "see" them anymore. I can't tell you what ads were on my facebook page last time I looked at it.

Posted by: crosspatch at May 18, 2012 10:36 AM (ZbLJZ)

119 Earth is a big place. Most of Facebook's customers are not in the US.
Advertising, and privacy rights, are different elsewhere.

Probably governments will be the biggest customers for Facebook. Who wants to spy on folks more than their government?

Posted by: dustydog at May 18, 2012 10:37 AM (qiATT)

120 ...starting to remind me of the hype surrounding chaos theory and complexity. For several years, everybody agreed chaos theory was a Totally Awesome Thing,

String Theory. We've moved on. Do try to keep up.

Posted by: Church of the Totally Awesome Thing at May 18, 2012 10:41 AM (Wqfrr)

121
I run ad blocking software. I don't recall seeing advertising on fb and if I did, I wouldn't give it a second thought.

At this point, after about two years being on fb, it has devolved into the equivalent of being stuck in the treacle of the reject bins at Hallmark and I'm not motivated to trim my "friends" list to eliminate the most egregious offenders. See ya, fb "pals"!

Posted by: Church of the Totally Awesome Thing at May 18, 2012 10:46 AM (Wqfrr)

122 For several years, everybody agreed chaos theory was a Totally Awesome Thing,

Come on, now. Chaos Theory is totally awesome. It is one of the most important mathematical developments of the 20th century, without any doubt whatsoever.

Posted by: ThePrimordialOrderedPair at May 18, 2012 10:47 AM (X3lox)

123 Obama is a stuttering clusterf*ck of a miserable failure.

Posted by: Steevy at May 18, 2012 10:50 AM (6HIQG)

124 "Why is knowing what toothpaste individuals prefer so valuable? Don't we know what toothpaste people generally want already? If we need more detailed information, don't we already have ways of finding out? You know, like marketing companies, surveys, and actual sales data?"

Actual sales data, sure (but remember that sales data can tell you what happened, but not why). People are getting tired of filling out surveys, though. Market research gets tougher all the time; it's why firms increasingly buy panel data from research firms.

The two keys to success for consumer packaged goods are: (1) availability at the point of purchase, and (2) presence in the customer's consideration set. One doesn't have to have the preferred brand, but one's brand must be in the handful (no more than five or six) consumers are prepared to consider at purchase time. These two factors trump even price. Brand stewards are accordingly looking for any means possible to get consumers to think more about their brands. Social media offers that opportunity, so naturally someone will try to monetize the eyeballs. Will it work? I dunno. Brands seem to use social media in two ways: Consumer promotion to brand-loyal customers (Starbucks is a good example), and public relations (Molson Coors is a good example).

Posted by: Ken at May 18, 2012 11:01 AM (fFh95)

125 Facebook is one major security breach away from oblivion.

Posted by: Purp (@PurpAv) at May 18, 2012 11:15 AM (XVM8h)

126 I run AdBlock Plus, so I wouldn't know if there were ads on Facebook. I've very, very rarely seen online ads that make me think, "Hey I should buy that!" Generally, if I need something, I research it and buy the best bargain.

What kind of buyers are driven by shiny, rotating objects that flip around? I would suspect those same buyers to, oh I dunno, vote for some idiot because he's black or something.

Posted by: BeckoningChasm at May 18, 2012 11:47 AM (DuH+r)

127 1. collect information on people 2. IPO 3. profit! by selling my shares of stock QEFin'D

Posted by: I R A Darth Aggie © at May 18, 2012 11:54 AM (1hM1d)

128 What kind of buyers are driven by shiny, rotating objects that flip around? I would suspect those same buyers to, oh I dunno, vote for some idiot because he's black or something. The 54% would like to say "hi", but they're distracted by this shiny object.

Posted by: I R A Darth Aggie © at May 18, 2012 11:55 AM (1hM1d)

129 I would be as likely to buy AOL stock as Facebook.

Posted by: Bane at May 18, 2012 12:02 PM (Wks0m)

130 Those who fail to learn from the dot com bubble are doomed to repeat it. How will Facebook make money? Will people pay to join/stay? Will people pay to advertise? Will they pay enough?

Posted by: MarkD at May 18, 2012 12:52 PM (iYBP2)

131 I see AOL buying facebook. AOL have a long history of buying overvalued stocks and watching it collapse

Posted by: oic at May 18, 2012 02:53 PM (BBeFJ)

132 I no buy Facebook. I wait for Lacebook.

Posted by: Chung Ho, Lacewigs Inc CEO at May 18, 2012 03:39 PM (IoNBC)

133 101 ... Like, if Ace offered to sell me one share of the AOSHQ for $35, how could I resist?! I would want it to succeed even more than I do now, demonstrated by making my purchases through his widget, etc.

Posted by: And Irresolute at May 18, 2012 01:44 PM (RC3M9)

The Green Bay Packers made a fortune doing just that. People who have that one share of the Packers wouldn't part with it for less than half of the known universe. Buyers galore, and no sellers. Brilliant.

Posted by: The brightly smiling ghost of Vince Lombardi at May 18, 2012 05:21 PM (rz0yi)

134 Obviously, the IPO is a money-laundering scheme for Dr. Evil...it doesn't matter if the company makes an economic profit, just as the money is legitimized.... ...or at least it woud make a good script point...

Posted by: Scurrilous at May 18, 2012 07:38 PM (9phrB)

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