I agree with this to a degree. First, the average bear never reads the damn IPO prospectus. Second, investors who got hosed are getting what they deserve. Could anyone ANYONE say with a straight face that Facebook was really worth $100 billion on day one? Didn't think so. Even at $39 billion market cap, Facebook is a tough sell. At some point though Facebook is looking like a buy but you know what they say about catching falling knives. A basket of social rubble with Facebook, Zynga et al will look good at some point. Luckily, this is all academic to me since I can't buy tech. I do have a decent bit of experience catching falling knives in other sectors though ;)
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