Commentary

Doggerel for a Dog: A Crowd-sourced Elegy for the Facebook IPO

(The following verses are composed of quotes from bloggers, analysts and other commentators.)

 

It’s going to be a bumpy ride:

look at the valuation… boy it was awfully rich.

At the moment it’s not living up to the hype,

there must have been some sober second thoughts about this.

 

It's very rare to cut forecasts in the middle of the IPO,

It seems like Morgan Stanley lost control of the process.

It's good for the average investor to realize that you just don't know.

We got more shares than we expected, which spooked us.

 

There was pure execution failure coming out of the Nasdaq,

this was the worst performance by an exchange on an IPO ever.

People just had stars in their eyes, and that’s clearly unrealistic:

Emotions and skepticism take over.

 

That deceleration freaked a lot of people out,

they pooched it, that's the bottom line here.

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I was stuck for six hours trying to figure out whether I owned this dog or not,

I've never seen that before in 10 years.

 

It’s a huge disappointment.

This has been a train wreck, face-plant, just a poorly done deal.

There is no pent-up demand left;

Embarrassing, ridiculous, overhyped… and how is Facebook going to monetize mobile?

 

I’m not willing to stick through the volatility.

Investors were expecting easy money on this one.

It was successful for the liquidating owners, absolutely,

because they got all that and then some.

 

Somehow it just missed them that this was mispriced;

we think the shares, once the hype dies down, will be in the $20s by yearend.

So there's no reason to jump in here. You're catching a falling knife.
Something is seriously going wrong here.

 

The underwriters completely screwed this up,

everyone who bought it is getting creamed.

When some people didn't see a pop on day one, they got out.

We find Facebook's current valuation unappealing.

 

The best advice to investors is to pass on this one,

Management cannot sing and dance around the key issues.

They don't have a model in place right now, and that’s a concern.

Yeah, we can get to 1 billion users, but then what do we do?

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