Ignoring the Obvious
by Miki Saxon
You would have to live on a different planet or in an alternate reality to have escaped the Facebook media frenzy.
Starting with ‘when’s it going to happen’ and escalating from the day Facebook announced it was going public through the IPO and tanking of the stock there has been no letup.
Every knowledgeable source and pundit on the planet, from financial types, the startup world, politicians and you-name-it, have weighed in with their analysis of what happened.
The real reason is so obvious that it doesn’t even qualify as a lack due diligence.
They simply didn’t bother to read Mark Zukerberg’s letter to investors, let alone the Facebook’s IPO prospectus.
I found it ironic that it was Henry Blodget, banned from the securities industry for lying in his stock analyses, who pointed out in simple, readable language, where the true responsibility lay for those who lost money.
If you would like to understand what really happened read Blodget’s article and the next time the subject comes up (which I guarantee it will) you’ll be able to expound to the benefit of whomever is present that there really were no surprises and nothing that’s happened since should have been unexpected.
Zukerberg and Facebook are acting exactly as they said they would in print.
It’s a good lesson for everybody, not just investors.
When doing due diligence, always read carefully, instead of trusting what is said, let alone the hype.
Flickr image credit: Craig Deakin
