Maggot Myopia

Some Facebook users hardly ever interact apart from sharing a few trite and pointless so-called Memes such as “Share if you have the best this-or-that relative in the world” preferring to sneak about their friends page as though they were looking through a one way mirror and getting an intimate view of their friend’s lives and doings whilst giving away nothing of themselves. This little ditty is at your expense. No offence intended.

On a more serious note Facebook, or as it is now frequently known, Fakebook, has made stock market history having seen its company value reduced by an eye watering $151 billion.

In my view Facebook’s shares have always been vastly overvalued. A golden rule of investment in company shares is that the would be investor should know and understand the company, its products, objectives, value and potential but generally speaking Facebook investors do not. Facebook and other social media companies do not belong to their culture or generation, they are simply going with the investor herd and bandwagon investing never pays because it almost invariably means buying on the rise. History reminds us that the 17th century tulip bubble, the so-called dot.com boom and crash and the Bitcoin story currently playing out have seriously burnt some over fat fingers which aught to have been connected to more intelligent motives than greed and “me too”.

Fantasy feasts of the future on unrealised riches in the hope that rising market value continue s unabated always turn sour and, as it was at Belshazzar’s feast, the writing is nearly always on the wall for those who would read it. In Facebook’s case, privacy and election interference scandals, content abuse, Fake news to name just a few should have tinkled a few warning bells.

Is it a market over-reaction? Is it a correction? Maybe, however, I love Facebook, not as an investor but as an avid user. I personally have no fear of technology or change especially when it is driven by the younger elements of our society. They seem to me to know far more about getting on with each other and with folks of other cultures than my own pathetic generation who in the UK have led our grandchildren into an economically suicidal Brexit and who in just a few generations have fucked up their planet so seriously it has been necessary to invent the concept of the Post-truth Era to salve their troubled consciences by legitimising denial.

I am optimistic though. We are going to die soon, all of us, myself and my generation of losers. Hopefully there will be enough time left for those of our grandchildren who love their lives, love their planet and perhaps more importantly love each other, to save humanity. That is why, although I never usually give investment advice, I am recommending (after maybe a few months for the shares to bottom out) buying Facebook. Facebook has done untold good for humanity. My privacy counts for nothing in the grand scheme of things and in any case the breaking down and destruction of social barriers, inequality, secrecy, taboos, fake gods, false hopes, superstitions, science denial, climate change denial, religious child abuse, the list is seemingly endless, is infinitely more important to the well being of our young people than whether or not the whole world knows my birthdate, personality or my political views. (For the record 11/09/48, introspective, opinionated, self important know-all of no political affiliation!)

Anyone who uses Facebook regularly knows that the pleasure and benefit they get from social media is directly dependent on how open, exposed, knowable, opinionated, truthful, sincere, inviting and welcoming their Facebook friends are and often only regularly interacting with a small proportion of their total list.

So buy Facebook! Facebook is a good thing with some teething issues to be worked on. Facebook will pay back handsomely not by how ITS value increases but by how YOUR value increases.