R*n
2 楼
It's Becoming Clear That No One Actually Read Facebook's IPO Prospectus Or
Mark Zuckerberg's Letter To Shareholders
http://www.businessinsider.com/facebook-stock-letter-shareholde
As Facebook's stock continues to collapse, the volume of whining is
increasing.
Four months ago, you will recall, Facebook was viewed as "the next Google."
Now, with no major change in the fundamentals, it's viewed as an over-hyped
disaster. Meanwhile, there is ever-louder grumbling that 26-year-old
Facebook CEO Mark Zuckerberg is in over his head and should be relieved of
command.
As I listen to all this whining, I have a simple question:
Didn't anyone even read Facebook's IPO prospectus?
The answer, I can only assume, is "no."
Because if anyone had read the Facebook IPO prospectus, they would have
learned, among other things, the following:
Facebook's growth rate was decelerating rapidly.
Facebook's user-base was rapidly transitioning to mobile devices, which
produce much less revenue.
Facebook's operating profit margin was already an astounding 50%, which
suggested it had nowhere to go but down.
Facebook's CEO had a nearly unprecedented amount of control over the company.
Facebook's CEO had set up this astounding level of control intentionally.
Mark Zuckerberg knew all about how impatient public-market shareholders are.
And he set up the whole company so he would never have to pay attention to
their whining.
In the 9 months following the IPO, insiders would be free to sell more than
2 billion shares of Facebook that they had been holding for years.
Facebook was going public at an astoundingly high price for a company with
these characteristics—about 60-times the following year's projected
earnings, in a market in which other hot tech companies like Apple and
Google were trading at less than 15-times.
Even more importantly, if anyone had read the IPO prospectus, they also
would have learned the following, all of which was expressed in a letter
written directly to prospective shareholders by CEO Mark Zuckerberg:
Facebook's social mission is more important to Mark Zuckerberg than Facebook
's business.
Facebook's business exists to support Facebook's product development, not
the other way around.
Facebook's CEO is an extremely patient man who does not flinch under
criticism.
Facebook will never care as much about clients and shareholders as it does
about its service and users.
Facebook cares about the long term, not the short term (read: decades, not
months).
Facebook shareholders may be annoyed by those facts, especially now that the
value of their stakes are getting demolished.
But they can't say that they weren't warned.
And they also can't say that the stock has been unduly punished:
At $18, using the correct share count (2.7 billion), Facebook is still
valued at almost $50 billion. And it's still trading at ~28-times next year'
s projected earnings of $0.65, an estimate that looks just as likely to be
too high as it is to be too low. Meanwhile, Apple is still trading at less
than 15-times projected earnings. So you can't argue that Facebook is now "
too cheap."
Lastly, if Facebook shareholders really think Facebook's CEO Mark Zuckerberg
is going to cave to their whining and step down now, all of four months
after he told them that he only cared about the long term (which, again, is
measured in decades, not months), they don't know Mark Zuckerberg.
Again, Mark Zuckerberg set up the entire structure of the company so he
wouldn't be forced to make dumb short-term decisions by whining public-
market shareholders.
And he TOLD them that he wasn't going to make those decisions.
They just didn't listen.
In the interests of "better late than never," I've attached an annotated
version of Mark Zuckerberg's letter below.
If you've already read it, here's what else you should know about Facebook's
stock—especially Facebook employees.
Mark Zuckerberg's letter is in black below. The translation and annotations
are in blue.
Mark Zuckerberg's Letter To Shareholders
http://www.businessinsider.com/facebook-stock-letter-shareholde
As Facebook's stock continues to collapse, the volume of whining is
increasing.
Four months ago, you will recall, Facebook was viewed as "the next Google."
Now, with no major change in the fundamentals, it's viewed as an over-hyped
disaster. Meanwhile, there is ever-louder grumbling that 26-year-old
Facebook CEO Mark Zuckerberg is in over his head and should be relieved of
command.
As I listen to all this whining, I have a simple question:
Didn't anyone even read Facebook's IPO prospectus?
The answer, I can only assume, is "no."
Because if anyone had read the Facebook IPO prospectus, they would have
learned, among other things, the following:
Facebook's growth rate was decelerating rapidly.
Facebook's user-base was rapidly transitioning to mobile devices, which
produce much less revenue.
Facebook's operating profit margin was already an astounding 50%, which
suggested it had nowhere to go but down.
Facebook's CEO had a nearly unprecedented amount of control over the company.
Facebook's CEO had set up this astounding level of control intentionally.
Mark Zuckerberg knew all about how impatient public-market shareholders are.
And he set up the whole company so he would never have to pay attention to
their whining.
In the 9 months following the IPO, insiders would be free to sell more than
2 billion shares of Facebook that they had been holding for years.
Facebook was going public at an astoundingly high price for a company with
these characteristics—about 60-times the following year's projected
earnings, in a market in which other hot tech companies like Apple and
Google were trading at less than 15-times.
Even more importantly, if anyone had read the IPO prospectus, they also
would have learned the following, all of which was expressed in a letter
written directly to prospective shareholders by CEO Mark Zuckerberg:
Facebook's social mission is more important to Mark Zuckerberg than Facebook
's business.
Facebook's business exists to support Facebook's product development, not
the other way around.
Facebook's CEO is an extremely patient man who does not flinch under
criticism.
Facebook will never care as much about clients and shareholders as it does
about its service and users.
Facebook cares about the long term, not the short term (read: decades, not
months).
Facebook shareholders may be annoyed by those facts, especially now that the
value of their stakes are getting demolished.
But they can't say that they weren't warned.
And they also can't say that the stock has been unduly punished:
At $18, using the correct share count (2.7 billion), Facebook is still
valued at almost $50 billion. And it's still trading at ~28-times next year'
s projected earnings of $0.65, an estimate that looks just as likely to be
too high as it is to be too low. Meanwhile, Apple is still trading at less
than 15-times projected earnings. So you can't argue that Facebook is now "
too cheap."
Lastly, if Facebook shareholders really think Facebook's CEO Mark Zuckerberg
is going to cave to their whining and step down now, all of four months
after he told them that he only cared about the long term (which, again, is
measured in decades, not months), they don't know Mark Zuckerberg.
Again, Mark Zuckerberg set up the entire structure of the company so he
wouldn't be forced to make dumb short-term decisions by whining public-
market shareholders.
And he TOLD them that he wasn't going to make those decisions.
They just didn't listen.
In the interests of "better late than never," I've attached an annotated
version of Mark Zuckerberg's letter below.
If you've already read it, here's what else you should know about Facebook's
stock—especially Facebook employees.
Mark Zuckerberg's letter is in black below. The translation and annotations
are in blue.
j*7
3 楼
同问！
b*e
4 楼
对散户的利好就是跌倒2块钱。
【在 R********n 的大作中提到】
: It's Becoming Clear That No One Actually Read Facebook's IPO Prospectus Or
: Mark Zuckerberg's Letter To Shareholders
: http://www.businessinsider.com/facebook-stock-letter-shareholde
: As Facebook's stock continues to collapse, the volume of whining is
: increasing.
: Four months ago, you will recall, Facebook was viewed as "the next Google."
: Now, with no major change in the fundamentals, it's viewed as an over-hyped
: disaster. Meanwhile, there is ever-louder grumbling that 26-year-old
: Facebook CEO Mark Zuckerberg is in over his head and should be relieved of
: command.
【在 R********n 的大作中提到】
: It's Becoming Clear That No One Actually Read Facebook's IPO Prospectus Or
: Mark Zuckerberg's Letter To Shareholders
: http://www.businessinsider.com/facebook-stock-letter-shareholde
: As Facebook's stock continues to collapse, the volume of whining is
: increasing.
: Four months ago, you will recall, Facebook was viewed as "the next Google."
: Now, with no major change in the fundamentals, it's viewed as an over-hyped
: disaster. Meanwhile, there is ever-louder grumbling that 26-year-old
: Facebook CEO Mark Zuckerberg is in over his head and should be relieved of
: command.
b*s
5 楼
这款嘛？
- Air Jordan 8 Retro (Black Varsity Red/White Bright Concord) -
★ 发自iPhone App: ChineseWeb 7.8
★ 发自iPhone App: ChineseWeb 7.8
【在 i******t 的大作中提到】
: 网上ebay看到过。不过有其他地方能买到么？
- Air Jordan 8 Retro (Black Varsity Red/White Bright Concord) -
★ 发自iPhone App: ChineseWeb 7.8
★ 发自iPhone App: ChineseWeb 7.8
【在 i******t 的大作中提到】
: 网上ebay看到过。不过有其他地方能买到么？
t*y
6 楼
另一篇文章，玩少推荐的
http://www.businessinsider.com/facebook-lockup-release-2012-8
FACEBOOK LOCK-UP RELEASES:
August 15th, 2012 (next Thursday): 268 million shares, 10% of shares
outstanding.
October 14th: 249 million shares, 9% of shares outstanding.
November 13th: 1.332 billion shares, 49% of shares outstanding.
December 13th: 124 million shares, 5% of shares outstanding.
May 17th, 2013: 47 million shares, 2% of shares outstanding.
Over the next 4 months, in other words, 2 billion Facebook shares will
become eligible for sale—about 70% of Facebook's total shares outstanding.
http://www.businessinsider.com/facebook-lockup-release-2012-8
FACEBOOK LOCK-UP RELEASES:
August 15th, 2012 (next Thursday): 268 million shares, 10% of shares
outstanding.
October 14th: 249 million shares, 9% of shares outstanding.
November 13th: 1.332 billion shares, 49% of shares outstanding.
December 13th: 124 million shares, 5% of shares outstanding.
May 17th, 2013: 47 million shares, 2% of shares outstanding.
Over the next 4 months, in other words, 2 billion Facebook shares will
become eligible for sale—about 70% of Facebook's total shares outstanding.
r*d
7 楼
MJ 搞yard sale 的时候可以淘几双
s*n
8 楼
长期？以人们的智力，多于1年的推测和猴子的水平也差不多。
"
hyped
【在 R********n 的大作中提到】
: It's Becoming Clear That No One Actually Read Facebook's IPO Prospectus Or
: Mark Zuckerberg's Letter To Shareholders
: http://www.businessinsider.com/facebook-stock-letter-shareholde
: As Facebook's stock continues to collapse, the volume of whining is
: increasing.
: Four months ago, you will recall, Facebook was viewed as "the next Google."
: Now, with no major change in the fundamentals, it's viewed as an over-hyped
: disaster. Meanwhile, there is ever-louder grumbling that 26-year-old
: Facebook CEO Mark Zuckerberg is in over his head and should be relieved of
: command.
"
hyped
【在 R********n 的大作中提到】
: It's Becoming Clear That No One Actually Read Facebook's IPO Prospectus Or
: Mark Zuckerberg's Letter To Shareholders
: http://www.businessinsider.com/facebook-stock-letter-shareholde
: As Facebook's stock continues to collapse, the volume of whining is
: increasing.
: Four months ago, you will recall, Facebook was viewed as "the next Google."
: Now, with no major change in the fundamentals, it's viewed as an over-hyped
: disaster. Meanwhile, there is ever-louder grumbling that 26-year-old
: Facebook CEO Mark Zuckerberg is in over his head and should be relieved of
: command.
a*0
9 楼
别说
我一看衣柜里面还有两双red 5.。。
【在 b*****s 的大作中提到】
: 这款嘛？
: - Air Jordan 8 Retro (Black Varsity Red/White Bright Concord) -
:
: ★ 发自iPhone App: ChineseWeb 7.8
: ★ 发自iPhone App: ChineseWeb 7.8
我一看衣柜里面还有两双red 5.。。
【在 b*****s 的大作中提到】
: 这款嘛？
: - Air Jordan 8 Retro (Black Varsity Red/White Bright Concord) -
:
: ★ 发自iPhone App: ChineseWeb 7.8
: ★ 发自iPhone App: ChineseWeb 7.8
m*g
10 楼
FB's value is at $8-10.
If FB is at $6 now, then it is 利好.
If FB is at 20 or even more stupid at 38 when it IPO, it is bullshit.
利好 is based on its current price. While FB is overvalued, 利好 is bullshit.
If FB is at $6 now, then it is 利好.
If FB is at 20 or even more stupid at 38 when it IPO, it is bullshit.
利好 is based on its current price. While FB is overvalued, 利好 is bullshit.
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