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SanFrancisco版 - FB的利好在长期。你们都没有认真读Zuck的信 (转载)
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话题: facebook话题: zuckerberg话题: mark话题: ceo话题: ipo
进入SanFrancisco版参与讨论
1 (共1页)
R********n
发帖数: 3601
1
【 以下文字转载自 Stock 讨论区 】
发信人: RichPerson (老婆成了千万富婆), 信区: Stock
标 题: FB的利好在长期。你们都没有认真读Zuck的信
发信站: BBS 未名空间站 (Thu Sep 6 00:25:27 2012, 美东)
It's Becoming Clear That No One Actually Read Facebook's IPO Prospectus Or
Mark Zuckerberg's Letter To Shareholders
http://www.businessinsider.com/facebook-stock-letter-shareholde
As Facebook's stock continues to collapse, the volume of whining is
increasing.
Four months ago, you will recall, Facebook was viewed as "the next Google."
Now, with no major change in the fundamentals, it's viewed as an over-hyped
disaster. Meanwhile, there is ever-louder grumbling that 26-year-old
Facebook CEO Mark Zuckerberg is in over his head and should be relieved of
command.
As I listen to all this whining, I have a simple question:
Didn't anyone even read Facebook's IPO prospectus?
The answer, I can only assume, is "no."
Because if anyone had read the Facebook IPO prospectus, they would have
learned, among other things, the following:
Facebook's growth rate was decelerating rapidly.
Facebook's user-base was rapidly transitioning to mobile devices, which
produce much less revenue.
Facebook's operating profit margin was already an astounding 50%, which
suggested it had nowhere to go but down.
Facebook's CEO had a nearly unprecedented amount of control over the company.
Facebook's CEO had set up this astounding level of control intentionally.
Mark Zuckerberg knew all about how impatient public-market shareholders are.
And he set up the whole company so he would never have to pay attention to
their whining.
In the 9 months following the IPO, insiders would be free to sell more than
2 billion shares of Facebook that they had been holding for years.
Facebook was going public at an astoundingly high price for a company with
these characteristics—about 60-times the following year's projected
earnings, in a market in which other hot tech companies like Apple and
Google were trading at less than 15-times.
Even more importantly, if anyone had read the IPO prospectus, they also
would have learned the following, all of which was expressed in a letter
written directly to prospective shareholders by CEO Mark Zuckerberg:
Facebook's social mission is more important to Mark Zuckerberg than Facebook
's business.
Facebook's business exists to support Facebook's product development, not
the other way around.
Facebook's CEO is an extremely patient man who does not flinch under
criticism.
Facebook will never care as much about clients and shareholders as it does
about its service and users.
Facebook cares about the long term, not the short term (read: decades, not
months).
Facebook shareholders may be annoyed by those facts, especially now that the
value of their stakes are getting demolished.
But they can't say that they weren't warned.
And they also can't say that the stock has been unduly punished:
At $18, using the correct share count (2.7 billion), Facebook is still
valued at almost $50 billion. And it's still trading at ~28-times next year'
s projected earnings of $0.65, an estimate that looks just as likely to be
too high as it is to be too low. Meanwhile, Apple is still trading at less
than 15-times projected earnings. So you can't argue that Facebook is now "
too cheap."
Lastly, if Facebook shareholders really think Facebook's CEO Mark Zuckerberg
is going to cave to their whining and step down now, all of four months
after he told them that he only cared about the long term (which, again, is
measured in decades, not months), they don't know Mark Zuckerberg.
Again, Mark Zuckerberg set up the entire structure of the company so he
wouldn't be forced to make dumb short-term decisions by whining public-
market shareholders.
And he TOLD them that he wasn't going to make those decisions.
They just didn't listen.
In the interests of "better late than never," I've attached an annotated
version of Mark Zuckerberg's letter below.
If you've already read it, here's what else you should know about Facebook's
stock—especially Facebook employees.
Mark Zuckerberg's letter is in black below. The translation and annotations
are in blue.
m*******i
发帖数: 8711
2
长不长期不知道,很多人38买入,downpay被腰斩了。
a**n
发帖数: 2431
3
现在买,还会不会继续被腰斩?

【在 m*******i 的大作中提到】
: 长不长期不知道,很多人38买入,downpay被腰斩了。
w******y
发帖数: 8040
4
看你对10月23号的抛售如何看了

【在 a**n 的大作中提到】
: 现在买,还会不会继续被腰斩?
m*******i
发帖数: 8711
5
一半已经内部消化了。

【在 w******y 的大作中提到】
: 看你对10月23号的抛售如何看了
l**t
发帖数: 10440
6
怎么消化的?

【在 m*******i 的大作中提到】
: 一半已经内部消化了。
m**********e
发帖数: 36
7
这个"老婆成了千万富婆"的老婆好像在非死不可工作,真不明白总是做这种“广告”是
什么意思? 难道大家读了这种广告会买非死不可, 将股价抬高,让其老婆成为真正的千
万富婆?
e***z
发帖数: 7126
8
现在股价在狠多人Option价之下了。所以到期要exercise的股份数量少多了

【在 l**t 的大作中提到】
: 怎么消化的?
q****x
发帖数: 7404
9
市值消化了一半,所以腰斩?

【在 m*******i 的大作中提到】
: 一半已经内部消化了。
q****x
发帖数: 7404
10
早就是RSU了。拿option那波都是元老,不可能水下。

【在 e***z 的大作中提到】
: 现在股价在狠多人Option价之下了。所以到期要exercise的股份数量少多了
1 (共1页)
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相关话题的讨论汇总
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