(For those who say I just don’t get it…get this!)
As of this writing the so-called “no brainer” IPO that was supposed to show the world just how “worth it” social media is, and that “every dip” should be bought horns-over-hooves, and to just tune out all of the “nay sayers” because “they just don’t get tech” and far importantly – don’t get most things because “it’s different this time” claims are coming back around – and not in a good way.
No those aren’t the words coming from “The Valley” per se. Those are almost verbatim quotes from the ever revolving next-in-rotation fund managers paraded across the financial/business media. The difference today, I would imagine, is they’re coming back around from angry clients in the form of “You said (fill in any of the above here)!” As they watch their so-called “investment” behave much like its core product. e.g., disappear into the ether.
So why is today unlike any other day prior? Well, let’s just say – it’s different this time. To wit:
Behold Snapchat™ via its ticker symbol and through the prism of today’s moment in “pictures” aka a chart.
Remember all those headlines always touting the “up double digit percentage points from its IPO offering price” that were used to mask the complete, and utter carnage, of people who purchased at the opening at $24 and above? Above is the picture I’ll take a leap of faith and say – most will wish they both never saw, and will probably never forget.
As of this writing what many never dreamed of ever taking place again in history might, after everything is said and done, end up over time being the only suitable icon to replace the notorious sock puppet mascot of the dot-com craze. For as I type it is only pennies away from making every investors dollar of profit, even those “lucky” enough to buy-in at the celebrated, and “so worth it” $17 price, is much, like its core product about to go “Poof.” But the day is still young, and it would appear “principle” will be the next thing to go after the last remaining cents of profit are indeed vanquished.
As another more famous Mark once stated: “History doesn’t repeat itself, but it often rhymes.”
© 2017 Mark St.Cyr
Footnote: These “FTWSIJDGIGT” articles came into being when many of the topics I had opined on over the years were being openly criticized for “having no clue”. Yet, over the years these insights came back around showing maybe I knew a little bit more than some were giving me credit for. It was my way of tongue-in-cheek as to not use the old “I told you so” analogy. I’m saying this purely for the benefit of those who may be new or reading here for the first time (and there are a great many of you and thank you too all). I never wanted or want to seem like I’m doing the “Nah, nah, nah, nah, nah” type of response to my detractors. I’d rather let the chips fall – good or bad – and let readers decide the credibility of either side. Occasionally however, there are, and have been times they do need to be pointed out which is why these now have taken on a life of their own. (i.e., something of significance per se that may have a direct impact on one’s business etc., etc.) And readers, colleagues, and others have requested their continuance.