Facebooked

It's been a couple months since its IPO and Facebook is looking like a shiny turd. Ok, maybe not too shiny. Did I see this coming?  Well, I won't say I saw it coming because there's no accounting for the crazy of the stock market, but I never could figure out a few things, like.

• How does a company making about $1-2 billion a year, warrant a valuation of $100 billion?
• Running a startup is one thing, running a real company is another. Everyone assumed Zuckerberg was up to it.Why?

I listened to a Planet Money podcast a few weeks back and it was pretty interesting. Talked about 2 guys who bought ads on Facebook and it's questionable whether it was worth it. They also talked about Facebook "Like" farms where, for a price, people will "Like" you. Kinda destroys the whole model.  Anyway, I didn't get in on the IPO or after, and I predicted in 4 years Google would buy Facebook for $4.