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by Rod D. Martin
May 25, 2012
Yes, Facebook as a “strong buy” probably seems counterintuitive, or perhaps a couple weeks out of date.
But that’s exactly the point. If you’re doing what everyone else is doing, you’ll get the same results.
The idea that Facebook is overvalued is just insane. It’s mass jealousy. It’s a sick joke.
A week ago the stock debuted at $38. It got as high as $45. With LinkedIn’s quick double on their minds, analysts at Sterne Agee and Morningstar had predicted far more.
It closed today at $31.91. My guess is it will get worse before it gets better. It’s getting thrashed in the media. Summer is coming (the equivalent of “Winter is coming” for all you Game of Thrones fans). Nothing good will happen before Labor Day, and maybe not then.
But good things will happen. Very good things.
Facebook was priced to perfection, and that’s a perfectly good thing. It means that the people who did all the work got the money they should have received. IPOs don’t exist so that you, some random investor sitting at home with your E*Trade account, can make a quick double as though at a casino. IPOs exist so that companies can raise capital to expand their operations, and so that the people who sacrificed and sweated for years can get a fair return on their Herculean labor.
Think about it. Mark Zuckerberg, Peter Thiel et al. built this thing from nothing. They did it while the world laughed at them, while everyone told them MySpace was king, while everyone said (and some are still saying) that they’ll never successfully monetize a non-subscription based social network. More to the point, they did it, period, and you did not.
So why should you get a double on opening day at their expense? Why should they leave half their money on the table, half of what the thing is really worth?
$38 was the right price. $38 left plenty of room for the company to grow organically. The market is now punishing Facebook for failing to cut everyone else in, as though Goldman Sachs and CNBC and all the rest are so many Don Fanuccis, demanding Zuck “wet their beaks.”
Pathetic.
Facebook is an incredible company. It already dominates its space; it is poised to rival Google in advertising as well. It’s worth a fortune. All the naysayers in the world can’t change that.
All they can do is create an opportunity for us.
As things turned out, you’ll get your chance for a double, maybe even a triple, if you can be patient. It probably won’t happen before the end of this year. It may take a year, 18 months at the outside. But mark my words, Facebook will blow past its IPO price on its way to $60 or $80.
Looking back from that little time away, are you going to care about today’s non-stop attacks on the stock? Will you care if it hits $25 in between?
No you will not. You’ll just count your money and laugh at the idiots who called it a pump-and-dump.
They’re a bunch of vultures, preying on the fears of the crowd. We’re betting on the future. And the future belongs to Facebook.
Rod is one of our nation’s leading minds. He’s smart, original, and very committed—a combination that one rarely finds.
Rod Martin is a Reaganite-Thatcherite conservative…[and] a man who has spent much of his life ministering to and working for the benefit of others. I know Rod as an advocate for freedom, a leader who understands the real changes we need in Washington, and who has the drive and ability to make those changes happen.
Rod Martin is the kind of dynamic leader who has the knowledge, ability and experience to lead us successfully into the 21st Century. His vision for America is compelling.
Rod Martin literally wrote the book on excellence. Humble yet brilliant, a man of love and compassion, with penetrating clarity he illuminates the world around us, and we are both stirred and enlightened.
Rod Martin is a born leader and an outstanding political mind. Anyone who takes him on is going to have a serious fight on their hands.
Rod Martin is a man of uncommon vision and character. Ever since I first worked alongside Rod in the early days of PayPal, I’ve been struck by his powerful vision for the future. Rod understands the intersection of technology, politics and culture in a way that few others do.
Rod Martin wears with uncommon grace an uncanny ability to link his vigorous faith to the practical challenges of both the business world and the political arena. Yet the respect he shows for others carries a warmth and modesty that are both too rare among those who are strong advocates of feisty positions.
America badly needs more leaders who really get the future. We need more Rod Martins.
Rod Martin is a modern day philosopher-statesman. He is a capitalist intellectual, a conservative iconoclast, a gentle adversary and a kind prophet. He inspires us towards a fresh national vision built upon the original founding principles.
Rod Martin is not only effective and efficient, but he is also perceptive, wise and gracious. He gets things done. He is a great friend and a great ally.
Rod is one of the sharpest, most gracious men I know, and one of the most gifted political thinkers today. His ability to analyze issues and communicate thoughtful insights on them have earned him the respect of people across the political spectrum.
I am proud to have been Rod Martin’s friend for a quarter century, and I can tell you that he is one of the finest men and most outstanding leaders in our church and in our country today. He has a knack for turning everything he touches to success.
Rod Martin is a cornucopian entrepreneur and eutropic thinker whose influence radiates through an array of companies, institutions, movements and churches. A renaissance American, he is also a prolific friend of freedom and faith around the globe.
If Rod Martin represents the next generation of leaders, America has nothing to worry about.
A leader and a servant, in public life and in private, Rod Martin strides at the top of his profession, and has nowhere to go but up. He is in the truest sense of the word ‘outstanding’.
Rod Martin is undoubtedly one of the most accomplished thought leaders today. He is a wonderful mentor, a humble role model, and a deep inspiration for the next generation of scientific innovators and entrepreneurs.
Rod’s achievements pale beside his character and his brilliance. He sees what others can’t. He leads when others won’t.
Rod Martin is one of America’s finest young minds.
The future of technology is the future of America. Rod Martin sees that future clearly, and also sees how to shape it for the betterment of all. He is firmly rooted in the traditions of faith and patriotism that have made America great. That’s why he has made, and will make, so many outstanding contributions in so many areas.
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