FB flop, no crash

I was surprised that I went through the entire day yesterday without hitting the expected wall due to my lack of sleep the night before.  Sure there were some yawns here and there but nothing much above the ordinary.  I went to bed at my normal time.  Getting up this morning however was a bit more challenging than normal.

Last night I watched this week’s AGT episodes.  Thankfully they seem a bit easier to swallow in 1 hour chunks.  Don’t get me wrong, there are some very interesting and entertaining acts on the show, I just hate the editing style they have chosen to display it.

I have to laugh a little bit at all of the controversy about the Facebook IPO.  Evidently there was some inconsistent release of earning numbers leading up to the IPO which had a few people crying foul.  I wouldn’t be surprised if something somewhat shady went down. Even after all of the financial chaos that almost destroyed the US economy a couple years ago, it seems clear that all the industry has received thus far was a light rap on the hands.  I am sure abuse of the system is still the status quo.

What I think is funny is how the lemming mentality has now taken hold.  Every Tom, Dick and Harry that bought Facebook stock and feels jilted that they didn’t double their money on the first day is on a “me too” rampage even if they had absolutely no connection to the misinformation that is reported. (they weren’t getting any calls from Morgan Stanley anyway) They just wanted to get rich quick.

As I recall, FB’s down quarterly earnings was announced before the IPO was released.  If you rolled the dice, ignoring that indicator of possible rough waters, don’t go looking to blame someone else for the end result. The stock market after all is high level gambling when you strip it all down.

Hey I use Facebook every day and generally like the services they provide.  Would I invest my retirement money in it? Not a chance.