No matter how many times I check, the calendar still says 2012.
With all the bubbly flowing, it's hard not to ponder the dreaded Bubble Question, especially for those of us who witnessed the last 'big pop.' But hey, exuberance is nothing if not irrational. Given all the economic bad news, it is nice to have a little island in the sun here in Silicon Valley. Even if it is temporary.
So tonite I'm gonna party like it's 1999!
UPDATE: Well, that was a very short Facebook party. Facebook stock lost more than 10% on Monday, May 21st 2012:
By Monday, sentiment had apparently turned against Facebook so thoroughly that underwriters seeking to unload the shares were forced to take substantial losses as the market marked the shares down.
Having seen a number of investment funds buy the shares on Friday as fund managers loaded up in the expectation that Facebook would bring a boost to their portfolio, the remaining buyers in the market on Monday were less willing to pay a premium – leaving the underwriters with no option but to accept a loss if they wanted to pass the shares on.
Henry Blodget has this to say:
Henry Blodget, the former Wall Street analyst who, ahead of the IPO, called the shares "muppet bait", said on his Business Insider site on Monday that the lack of big jump in first-day trading was probably good news for millions of small investors, who had been discouraged from piling into the stock. He reckoned that a fair value for the company would be somewhere between $16 and $24 a share, depending on its results. That would value Facebook at between $50bn and $85bn – a substantial amount, but far from the $104bn (£65.8bn) that the $38 share price put on it.