The valuation of Facebook

The impending float of Facebook has led to considerable speculation of its value – with high-end predictions of up to USD 100 billion. For an 8 year old company, this is by any standard an impressive rate of growth.
To me that seems like a bubble – perhaps I should be shorting the shares?
Its valuation seems principally to be derived by the number of Facebook users – which seems to be around 800 million so-called active users, where an ‘active user’ is defined as someone who has visited the site at least once in the past 30 days.
The valuation thus reflects the number of people, a ‘critical mass’, where the benefits of joining grow as the number of users grow. Each additional user receives a private benefit as well as improving the social benefits of existing users.
The same argument has been used for learning English (or previously Esperanto).
Yet I think the similarity with language ends there. There is a significant investment in time and effort required to learn a language; it becomes ever more difficult as one ages.
Joining Facebook is easy. It is free.
Is it not likely that some superior social networking software might displace Facebook over the next 5 to 20 years?
With the transactions costs of shifting so low – almost zero – what’s to stop a rapid shift of 800 million users to an alternative? In fact, shifting is often facilitated as software draws upon existing information and profiles.
Google Plus is one such competitor to Facebook and I wouldn’t be surprised if it surpasses Facebook relatively quickly (it is up to 100 million users already).
Facebook is today’s darling, but beware. Remember AOL, Yahoo, Ozemail and the many tech failures. In February 2008, Microsoft offered to buy Yahoo for USD 44.6 billion. The offer was rejected – by 2011 the capitalisation of Yahoo was only $22.24 billion.
Mark Zuckerberg has made his fortune with Facebook. But whether Facebook itself will exist in ten years is debatable.

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63 Responses to The valuation of Facebook

  1. ar

    Its valuation seems principally to be derived by the number of Facebook users

    Sounds like One-Tel.

  2. rodclarke

    i agree its overvalued

  3. .

    LinkedIn still with a PE over 1000!
    Sold.

  4. Les Majesty

    Sounds like One-Tel

    Nonsense. Facebook is already highly profitable with a ton of revenue and excellent operating margins. It throws off a ton of cash.
    One-tel was a bottom feeder in a low margin business.
    Facebook is the market leader in a high margin business.
    It would take balls to short it, in the short term at least.
    If you want a short, I’d look at GRPN instead. That thing is a dog.

  5. JC

    I think you guys are too pessimistic. Facebook seems to be the real McCoy as far as a real business goes.
    Revenues have been growing at 90% per year. Subscriptions were a 40% increase last year.
    Go to any website selling crap and you’ll notice that it has a Facebook link.
    This one is a stayer. I reckon it’s potential hybrid of Amazon, Google and Ebay all rolled into one.
    The initial IPO will be only be around $10 billion and may cause the valuation to be inflated as a result of scurrying around by investors trying to get in on the action.
    Small investors can get in on the act by playing GSVC, which has a pre-IPO holding. However you can’t hold this stock for a long time, as they are in the habit of diluting existing shareholders as they access more capital.
    I bought them at 13ish and sold them at 17 1/2 and just lucky to avoid the recent dilution.
    Buy GSVC at 14ish and ride the Facebook wave. 🙂

  6. JC

    If you want a short, I’d look at GRPN instead. That thing is a dog.

    lol
    It really is a filthy beast. I really want to short the crap out of it, but never had the stomach.
    LinkedIn in a total whore. I wish that thing goes broke as it has an awful business plan and their emails are really freaking annoying. I can’t believe how you have a business plan that annoys the shit of people.

  7. Les Majesty

    And I thought Zuckerberg’s letter in the S-1 was pretty good.
    I also like that he is personally retaining total control of the business.
    I think he is pretty damn good at thinking long term, so he won’t be held hostage to idiot hedge funds trying to force him to juice revenues by slamming users with ads.
    I think Facebook’s biggest risk might be that it eventually becomes such an integral tool that it will get regulated as a utility.

  8. Les Majesty

    JC, you see AAPL is not far shy of $500 now? I think it’s still got a lot of room to grow, so it’s not too late to get on board.

  9. Rob

    It seems kind of hard to predict the value of some of these high tech businesses. Case in point, Apple’s iPhone business, supposedly if it was a separate entity it would be worth more than Microsoft and currently generating larger profit than Microsoft. That is from a business that has only been around for less than 5 years, from a company that clearly didn’t know how to make a phone (Sol Trujillo was constantly telling the media apple didn’t know what they were doing and they would have to change it to suit Telstra). They face competition in the form of android that has a higher marketshare, yet they trouser 70% of their industry’s profits. As a company they have very high growth and yet a pretty low PE, they also have enough cash to buy Facebook in a heartbeat.

  10. .

    Les,
    What kind of margins does FB have?

  11. Apples iPhone business is bigger than Microsoft.

    “Apple’s iPhone business alone is now bigger than Microsoft. Not Windows. Not Office. Microsoft. Think about that. The iPhone did not exist five years ago. And now it’s bigger than a company that, 15 years ago, was dragged into court and threatened with forcible break-up because it had amassed an unassailable and unthinkably profitable monopoly.

  12. JC

    les:
    Explain this to me. Why would I want to buy a stock that attracts every single smart pimpled faced geek in the world trying to rip business away from Apple, when I can invest my very loved money in US refinery stocks
    1.where the margins are expanding and likely to stay that way for much longer than the average schlep believes.
    2. An administration which could very well win the next election that banned the pipeline which was supposed to even out the differential between Brent and West Texas (now back to 30 bucks)
    3. You will never be able to build another refinery in the US in our lifetimes
    4. The marginal capacity they could squeeze out of the present refinery assets have reached the end of line.
    I want to be on Uncle Obama and the viromental movement’s side on this one.

  13. Les Majesty

    It’s operating margin in 2011 was around 50%.

  14. Les Majesty

    Which refinery stocks are worth looking at?

  15. JC

    They face competition in the form of android that has a higher marketshare, yet they trouser 70% of their industry’s profits.

    I am a really pissed off Iphone user. The control button on my piece shit phone sometimes just doesn’t work and freezes on the page.
    I went to the store to see what could be done and they told me that its an on going problem with this phone and because it was 2 months out of warranty (12 months) I had to pay to get it fixed.
    While there I took a look at the Samsung as the tech dude told me it was a better phone. It also has a 2 year warranty, has a bigger screen and looks great.
    Fuck Apple. They should have fixed the problem for nothing and offered an apology.

  16. JC

    The refineries near or around the Cushing pipeline that feeds the Canadian shale oil literally down the spine of continental US.
    (I have the two “hispanics”)
    Tesoro
    Valero
    Holyfield
    And Western Refining.
    I’m loaded to the gills with Western refining which I reckon will hit over 30 bucks.
    All these dudes are close to the pipeline. They access the crude at $30 below Brent and then get it out to market on the Eastern Seaboard which basically trades gasoline on a Brent basis.
    It’s a license to print money the old fashioned way, with hard assets and government fuckups.

  17. m0nty

    The question of whether to short the FB stock is not actually about whether Facebook is the real deal, it’s more about how the IPO is structured, which is Byzantine and beyond my ken.
    As to the separate issue of FB’s long term prospects, as long as Zuckerberg retains control and resists the madding hordes of bubble-headed shysters, it will be fine. Facebook has made and will continue to make mistakes but it has largely learned from them, and not given up on its vision. You can’t get more minimalist than Facebook, it’s impossible to compete with them on that score given current browser tech.
    Samuel, the transaction cost of shifting might be zero, but the network effect means that there is no value in shifting, because your friends are all already on FB and they won’t all be on the new thing.
    To me, a more interesting tech story in recent days was two companies suddenly raising US$1 million on a social funding platform called Kickstarter.

  18. John Bayley

    Some of these internet companies’ valuations are starting to be almost reminiscent of the dot com bubble…
    Personally I struggle to see what it is that so appeals to people who spend hours each day on social networking sites; especially the likes of Twitter.
    In any case, there are some interesting debates going on in the States about the Facebook float, which do make one wonder whether the IPO may in fact be about the time when it all starts going downhill.
    Here’s a fairly typical sample:
    “Regarding ‘privacy problems with Facebook’and/or google. Review some of these reports from technicology websites. I forwarded several of these to my daughter (a computer scientist grad/programmer for a state agency) and she then deleted her facebook page as have many of her friends, who are all up-
    and-coming young professionals. Facebook (see financial report) makes most of
    its money from ‘affiliate agreements’ that allow other entities to use facebook as an information-tracking portal–not from advertising income.
    Google is even worse–it has ‘affiliate agreements’ with over 200 businesses
    (tracking entities) that give the entities information from google users for
    statistical gathering. I have also found that once you delete your Facebook
    page, the affiliates can still track your internet profile. I’ve blocked all
    Facebook affiliates in my browsing history, eliminating at least 90 ‘affiliated’ information gatherers.”

  19. JC

    Monster
    If Kickstarter isn’t in GSVC’s holdings then it’s a nonstarter. Kickstarter is a nonstarter.. get it?
    Here’s GSVC’s holdings. These dudes know what the fuck they’re doing whereas you don’t.

  20. John Bayley

    JC, the Samsung Galaxy S II pisses all over the iPhone 4.
    What I particularly like about it is the fact you can actually buy a large capacity battery, so you can then get 2 days of full-on use, or 3 days of moderate use out of it.
    Battery life is the Achilles’s heal of pretty much all modern smart phones, but with this particular phone you at least have some options to do something about it.

  21. Lazlo

    JC Bet on Amazon in the longer term. Apple is a fancy device manufacturer, and very good at it in the past, but will go nowhere beyond SJ’s beatitude.
    Google is becoming decadent. It is totally dependent on on-line advertising, and does not know where to go next, Android means it has turned into a mobile phone company. Good luck
    FB is a flash in the pan. It is vulnerable to any other upstart who can divert eyes. In terms of innovation, they should have IPO’ed long before this. Maybe it was a VC-finance thing.
    It has always been and will be about content..

  22. JC

    John
    I liked the Samsung but I won’t buy it because i hate those two pricks at google. They stuck Algore on the board to made him rich and even more arragant as well as supporting all the bullshit for the left.
    The doofuses were sticking money in wind power a while ago, which obviously says something about their phone directory business. Smart phone apps are rapidly taking away business.
    I hope they fall flat on their face.

  23. m0nty

    The issue of privacy and Facebook is an old person’s lament that seems stupid and pointless to young people. I have seen it bob up every now and again for years now, but after an online petition here or a day of account deletion there, things roll on as smoothly as before.
    I have come to the realisation why this is: young people don’t have as much personal shame. This is partly because they see online personae as disposable and interchangeable. It’s not as if they don’t see privacy as an issue, but it’s one for which they long since developed defences, by engaging in widespread use of fake accounts in the more dangerous areas on the Internet to experiment and find their own limits. Facebook doesn’t allow for that nearly as much since it uses real names, of course, but the kids behave a lot more sedately on FB as a result.

  24. Rob

    I went to the store to see what could be done and they told me that its an on going problem with this phone and because it was 2 months out of warranty (12 months) I had to pay to get it fixed.
    While there I took a look at the Samsung as the tech dude told me it was a better phone. It also has a 2 year warranty, has a bigger screen and looks great.
    Fuck Apple. They should have fixed the problem for nothing and offered an apology.

    JC, did you try an actual apple store, or just a phone company store? You might be able to wrangle a free fix, or a trade in on a new phone, or just a better retail experience. The Samsung phone is a better phone for the phone company, as they still get to lock you into 2 year contract and don’t have to pay as much money for the phone, probably translates into better commissions. Don’t know what you use your phone for, so no idea what the best phone for you is. Last time I saw a mates Samsung it was awful at displaying photos.

  25. Fleeced

    With the transactions costs of shifting so low – almost zero – what’s to stop a rapid shift of 800 million users to an alternative?

    Nothing – though it didn’t work for Google+

  26. JC

    Rob I went to a telstra shop. Look, this stuff shouldn’t happen. the control button should never break down on any phone let alone apple.
    they shouldn’t repair it, but give me a new one.
    I use my phone for basic shit. Not a big user other than a few apps and stuff like that.
    I’m really pissed with Apple.

  27. John Bayley

    You are probably right Monty, but nevertheless, it does appear the popularity of FB is starting to go downhill in North America.
    Here’s a sample; admittedly from June last year, so perhaps the most recent data is not as bad:
    “Most prominently, the United States lost nearly 6 million users, falling from 155.2 million at the start of May to 149.4 million at the end of it. This is the first time the country has lost users in the past year. Canada also fell significantly, by 1.52 million down to 16.6 million, although it has been fluctuating around that number for the past year. Meanwhile, the United Kingdom, Norway and Russia all posted losses of more than 100,000. If these countries — most of whom had adopted Facebook many years ago — had not lost users, and instead posted even small gains, Facebook would have had a much more typical month.”
    (http://gold.insidenetwork.com/facebook)

  28. m0nty

    Google is becoming decadent. It is totally dependent on on-line advertising, and does not know where to go next, Android means it has turned into a mobile phone company. Good luck

    It’s actually doing a decent job with Android, especially in the States where they have majority market share – a much different experience than .au where the iPhone still dominates. It fits Google’s culture to be the low-cost volume play to Apple’s high-margin top-end strategy, that’s their sweet spot.
    This post the other day from Markus Frind, a bloke I respect enormously for creating Plenty of Fish, echoes my experience with my own site (due to hit 50% mobile usage this year). Mobile is taking over and it’s quite scary for us who are used to display ad revenue on the Web. I’m not sure if (text) content is still king on a handheld. Facebook has shown a distinct lack of mobile smarts, which is their biggest problem at the moment. Their iPhone app sucks donkeys and their Android one isn’t great, though I see their iPad one looks decent.

  29. Lazlo

    Yes JB. This all depends on your metrics of ‘losses’ etc, but the perception abroad is that FB is declining. The wonderkind has blown it, he is not so clever.

  30. m0nty

    Most prominently, the United States lost nearly 6 million users, falling from 155.2 million at the start of May to 149.4 million at the end of it.

    And as you can see from the link, the September figures regain all those losses, leaving the YoY figures up 15%. Similarly, Australia is up 10% YoY, with about half the population as users in both countries.

  31. Rob

    “Battery life is the Achilles’s heal of pretty much all modern smart phones, but with this particular phone you at least have some options to do something about it.”
    There are a myriad of auxiliary batteries available for the iPhone, I have a couple of them but wouldn’t have needed to use them for a year or two. I generally find I can get 18 hours or so use out of mine including moderate gps usage. If I needed to there is always somewhere to charge it. Cars now days are big mobile iPhone chargers. Not sure why you would need more than 24 hours usage.

  32. Lazlo

    Mobile is taking over and it’s quite scary for us who are used to display ad revenue on the Web.

    Umm mont this started happening 4-5 years ago now. Welcome to the present. Yes, Android is gaining in market share of handsets. The problem is that the advertising game is quite different for mobiles v-a-v PCs. Google doesn’t really know how to play in this space yet.

  33. Rob

    JC try the apple store, though you will have to book an appointment online. You might want to look at this link in the meantime.

  34. ar

    My iPhone is about 4 years old. It is now a toddler toy and is bomb-proof. In fact, it is on its second toddler.
    The lock-up issue was fixed a couple of upgrades ago. I can’t recall it happening recently.
    But basically Android is for dudes and iPhone is for chicks.
    Just sayin’.

  35. Les Majesty

    It’s actually doing a decent job with Android, especially in the States where they have majority market share

    So what? How much money is Google making from Android? Android represents maybe somewhere a little north of $1bn in REVENUE for Google per annum… Apple made tens of billions in PROFIT off the iPhone last year.

    It fits Google’s culture to be the low-cost volume play to Apple’s high-margin top-end strategy, that’s their sweet spot.

    No, you don’t understand their businesses.
    Google sells advertising. Practically 100% of its revenue is from advertising.
    Apple sells hardware.
    They are in completely different businesses.
    Google’s customers are people who buy ads.
    Apple’s customers are people who buy phones.

  36. Les Majesty

    JC, go to the fucking apple store not the telstra shop! You can’t blame apple for what some jackass at the telstra store does.

  37. wreckage

    When discussing Android market share, do not lose sight of the fact that the iphone is still the biggest single smartphone.

  38. wreckage

    Apple’s other business is retailing music, apps, and also movies etc. through iTunes. They get a piece of all that retail action, a fairly hefty piece too.
    What mOnty said about Google undercutting Apple because Apple is not a high-volume low-price seller is partially incorrect. iPods are damned cheap for the GB of storage space, for example.

  39. wreckage

    not the telstra shop

    Never the telstra shop. They staff it with muppets.
    For example, in the bustling metropolis of Wagga Wagga, where you can go to Rivercomm and have them repair your telstra phone under the auspices of telstra, or go to the telstra shop, where they stick it in a postpack and mail it to Orange.

  40. Les Majesty

    And Apple is the low price vendor when it comes to tablets, other than Amazon which makes a loss on kindle fires.

  41. Les Majesty

    Apple’s other business is retailing music, apps, and also movies etc. through iTunes. They get a piece of all that retail action, a fairly hefty piece too.

    Their revenue from this is insignificant compared to what they get from hardware.

  42. Jarrah

    “Their revenue from this is insignificant compared to what they get from hardware.”
    It’s minor, but not insignificant. Unless you’re blasé about billions.
    Besides, the real impact of iTunes is on the outmoded business plans of the content mafia. In typical fashion, Apple refined a new model and made it mainstream. The media dinosaurs are fighting a rear-guard action, oblivious to the changing environment that makes their position an anachronism, instead trying to cling to the past and force others to do the same (through SOPA, PIPA, ACTA, etc).

  43. m0nty

    Umm mont this started happening 4-5 years ago now. Welcome to the present.

    Don’t lecture me Lazlo, I live this stuff. I watched the share of mobile traffic on my site come from nowhere to rise by 1% each week in 2010, the rate of increase flattened a bit in 2011 but this year it’s finally going to reach 50%. Evidently PoF had its tipping point last year, 3% per week had to come from a low base. It appears the trend is spotty depending on the market, but it comes in a rush.

    So what? How much money is Google making from Android? Android represents maybe somewhere a little north of $1bn in REVENUE for Google per annum… Apple made tens of billions in PROFIT off the iPhone last year.

    As wreckage points out, Apple makes a sweet margin on virtual items too, and that’s where the future battleground will be fought between the two. The hardware always gets commoditised.

    What mOnty said about Google undercutting Apple because Apple is not a high-volume low-price seller is partially incorrect. iPods are damned cheap for the GB of storage space, for example.

    iPods are a different market, that’s not relevant.

    And Apple is the low price vendor when it comes to tablets, other than Amazon which makes a loss on kindle fires.

    Bollocks. The iPad 2 starts at A$579. Harvey Norman alone has tablets from five different vendors cheaper than that.

  44. Entropy

    Monty, I would have thought it pretty obvious Apple isn’t interested in commoditized markets unless it can disrupt them, making a motza in the process. Pay tv next, no doubt.
    In tablets, the only real alternative is the kindle fire, but it is nowhere near the quality and is a loss leader for the amazon store. Do search on it for a product and the amazon store gets first dibs all the way down the search page. My brother in law got one for Christmas and feels that it is OK, but wishes he got an iPad.
    And if you are stupid enough to buy anything from Harvey Norman, particularly unsupported POS tablets, I can’t help you. The best Android tablet at the moment is the Asus Transformer, but it costs too much. Best wait for the remainder bin in a couple of months’ time. Or the iPad 3 next month.

  45. Winston Smith

    Good on ya then, Monty. (1123)
    Bet the house on FB.

  46. wreckage

    The iPad 2 starts at A$579. Harvey Norman alone has tablets from five different vendors cheaper than that.

    All garbage.
    The Kindle is a bit of a special case; the screen is amazing for reading text- readable from any angle, no glare, crisp as can be. I thought I was looking at a mock-up with a printed-on screen. So I wouldn’t favour it for a micro-PC (tablet) but it’s excellent for reading.

  47. Biota

    JC, you could have had my luck. I got my first iphone 4s a few months ago, responding to a Telstra sales call. Bit of a hold up on supply but it eventually turned up and works fine. If it doesn’t, I have a spare- they forgot that they had already sent it and sent me another about 2 months later. So it sits waiting until I need it.

  48. Peter Patton

    It seems kind of hard to predict the value of some of these high tech businesses.

    Not “hard”; impossible. I only realised just how real were ‘asymmetry information’ and principal/agent costs when I joined an internet/e-commerce start-up more towards the beginning of the tech boom, than its end. When I joined, the company’s sales were about 10 million pounds, for the previous 12 months, with a loss of about 20 million.
    By 2000, the company had revenues of of only 20 million pounds, but losses of 25 million. And yet, by now was listed in New York and London, with a market cap over 2 BILLION pounds.
    I left the firm just before the share price started exploding. I had left the firm before the peak, but still had those options. The options had all sorts of strings attached, but ALL those options would be eligible to exercise in the event of a takeover [and certain other triggers].
    So when I got wind of a takeover offer, it felt literally like I just won Lotto. I had left the company coz I thought it was a con, whose revenues would never hit even 50 million pounds, and whose real worth was not much more than a Leyland P76. That takeover offer was for 1.5 BILLION pounds. The speculation had a fair bit of hand waving, but I had worked with the guys involved in the takeover offer, and I was confident they were truly sincere at around 1 billion, but how sincere above that, I was too far/long out of the loop to tell. One thing I still do know was that they would be fucking bonkers. The day my company confirmed they had rejected the offer, I was part suicidal, but part booking an around the world trip and a condo on the Upper West Side, as I cashed in on the bidding war I hoped would start.
    But not long after the rejected 1.5 billion offer, the REAL data on the company started to be revealed publicly. Less than 9 MONTHS later, another takeover offer emerged. This time for LESS than 100 MILLION pounds. This offer was rejected as insulting and delusional. Six months after the 100 million offer was rejected, the company was sold for less than 10 million pounds.
    My options were worth zip. Boo hoo.

  49. Les Majesty

    The hardware always gets commoditised.

    Bullshit. Apple proves you wrong. They have been making desktop computers for more than 30 years and they have not become commoditised.

    The iPad 2 starts at A$579. Harvey Norman alone has tablets from five different vendors cheaper than that.

    Yeah, good luck with those. If I got to Chinatown I’m sure I could find fifty cheaper tablets, as well as a $7 Rolex.
    The only serious contender to the iPad that is cheaper is the Kindle, which Amazon sells for a loss. Apple makes a couple hundred bucks profit on each iPad, yet nonetheless no one else – not HP, not RIM, not Samsung, not google – can match Apple’s price points and do much better than break even.

  50. JC

    Apple makes a couple hundred bucks profit on each iPad, yet nonetheless no one else – not HP, not RIM, not Samsung, not google – can match Apple’s price points and do much better than break even.

    Jobs was mocked for setting up Apple stores, but he who controls the point of sale controls his products. Big lesson he taught the consumer business world, which is why he was able to use the web to his advantage rather than the web emasculating the brand.
    Big lesson. Control your fucking brand people.
    (I should have been a marketing guy. I would have been one of a kind… a wonderkind.)

  51. Les Majesty

    Apple also controls and curates the ecosystem – hardware, software, and even the retail environment where you buy the device.
    This also allows Apple to take its products directly to consumers, cutting the fuckwit telcos out of the loop.
    Which is why Android will never beat Apple and iOS.
    Google makes the OS, and its clients are advertisers.
    Samsung and HTC et al make the handsets – and their clients are the telcos who want to churn customers through plans.
    Only Apple considers the end user the customer. That, combined with its control and tight integration of hardware and software and its curation of the app environment, puts Apple miles ahead.
    The only people at this stage who look like they might catch Apple are MS / Nokia, who seem to be grasping both the hardware and software side of things.
    Android is DOA. It will keep market share, but it’s crap and will never dominate the design environment or get the profit share Apple does.

  52. .

    Wow, you really have drunk the Kool Aid.
    We all want Apple. We want it because it looks cool.
    QED.

  53. .

    Android is DOA. It will keep market share, but it’s crap and will never dominate the design environment or get the profit share Apple does.

    You are seriously more of a groupie than Columbia humping the leg of Frank N Furter.

  54. JC

    We all want Apple. We want it because it looks cool

    Funny.. My kid has been bugging me for week she needs a new computer because the old one was giving way. I was really pissed about this, as she seems to go through one every 12 months because she’s so rough and careless with her belongings. But being the always tough, no-nonsense dad I relented.
    Anyways I suggested she ought to try another brand, but she wouldn’t hear of it. It was unthinkable. Almost a creepy thought, as she told me.

  55. Les Majesty

    We want it because it looks cool.

    Nope, that’s not why.
    And even if it were why, what’s wrong with wanting a well designed, beautiful product?
    Like all those losers driving Ferraris – they only want them because they look cool.
    Next you’ll be attacking JC for wearing Gucci jeans. He only wears those because they look cool, you know.

  56. Les Majesty

    You are seriously more of a groupie than Columbia humping the leg of Frank N Furter.

    If you’d followed my advice when I started tipping AAPL, you would have triple your investment.

  57. .

    Les I’m not attacking anyone and if I followed my own advice on LNC ot FMG I would have had 5 x my investment.

    losers driving Ferraris

    Don’t tell me you drive an entry level Jap or Euro family sedan or wagon. Say it ain’t so.
    “Look at all those losers with waterfront property”
    LOL

  58. wreckage

    Dot, I hate to defend Les, but that was sorta his point.

  59. Rob

    We want it because it looks cool.

    Les, you have to admit their eps growth chart does look pretty cool, you know you want some aapl. By the way when did you start tipping them and why?

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