I do not see the hype around facebook. They do not make anything tangible and
their business model can easily be copied.
@Shaun,What facebook has is marketshare. They're the clear
dominator in the market and it will be very difficult for any website to
penetrate it. Google's tried and they can't even do it.
Seems risky to me at a P to E of 100 given what happened to Friendster and
MySpace. However I also thought Google was overpriced given that we already had
so many search engines at the time AND it isn't hard to start another
one.Perhaps what I failed to take into account was the quality of
Googles search results and the hard work that only they bothered to invest in
this high level quality. Still it wasn't a given that Google succeed as it
has. The better product doesn't always win.