As the largest of the social-media companies, Facebook has gone
into uncharted waters. Adding to Wall Street’s analytical headache, the company’s
strategy at least since its IPO has been to be oriented more to the long term
than is customary on Wall Street. Put another way, estimating Facebook’s
long-term viability has been notoriously difficult, particularly for Wall
Streeters who apply their traditional criteria nonetheless. Looking beyond Wall
Street’s lenses, there is indeed reason to regard investments in the company as
very risky.
The full essay is at Taking the Face Off Facebook, available at Amazon.
