Forget About 1999 and Buy Facebook Stock
If you're an investor, you'll hurt yourself more hanging on to bad memories of the dot.com era than you will letting them go. I swear every bear who talks down a company such as Facebook (FB) suffers from post-traumatic stress.
Case in point: The nonsensical Barrons hit piece from September that set a $15 price target for FB. Now we've got at a $30 stock -- up roughly 49% since then -- and visioning Facebook at $100 no longer seems so absurd.
It's not like I didn't live through 1999 to 2000. I was there, in the thick of things, on the ground. I lived and worked in San Francisco for a company that sells sports hospitality packages. I did inside sales. Think of the fantastic Ben Affleck/Vin Diesel movie "Boiler Room." Picture me pitching presidents and VPs of sales while trying to avoid their gatekeepers.
On page two, one of the best movie scenes of all-time from "Boiler Room."
It was a crazy time. I was closing deals left and right because companies, large and small, were spending money like rock stars. That said, we tend to downplay all of the "good" that happened during those days while upselling the "bad."
Lots of people got rich. I'll never forget two of my favorite clients -- former VPs of Sales Woody Shackleton at Foundry Networks (purchased by Brocade Communications (BRCD) ) and Harry Silverglide from the still-independent Extreme Networks (EXTR) .