Friday November 27, 2015
The Anti-smoking Nazis of the USA
Last Dance - a wonderful video of Paris and a wonderful song - sadness but defiance
Weekly postcard #131: Thoughts on Paris bombings - our politicians tell us that bombing Syria makes us safer - THEY LIE


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Facebook still a sell down to $5 - EPS forecasts will be cut, earnings visibility getting worse

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- Tom Winnifrith

Slowly, it is sinking in. Facebook (FB) was floated in May as a growth stock. Forecasts and valuations were based on extrapolating historic trends. But in the new media world, that is impossible. My bear case against Facebook was always that the rating was too high based on historic numbers and that one had to be the metric used given that forecasting was impossible. Rather more quickly than I had expected, recent data is starting to vindicate my stance. I argued here on 28th August that the shares were worth $5, and I stand by that view.

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