Even if you allow for the fact that about or millionof those are already Facebook users,you’re buying million new users. if the market is paying $ per user. million times is billion. You’re getting a bargain. Don’t laugh. This game is going crazy right now. People are buying users, because that’swhat the market is rewarding. You’re saying, what’s wrong with that. Markets are fickle. Today, they like users.


Tomorrow, they might not. Remember, they liked website visitors for a long time?But they said, you know what?I can’t pay dividends with website visitors. It’s kind of tough to say, I’ll take three visitors, please. Send them to my house. They’ll work around. I paid a lot of money for your stock. At some point, they’re going to ask for substance. And the way I describe social media companies–it’s like having a gigantic store with nothingon the shelves and lots of foot traffic. That’s you’re buying. contact to www.valsnsw.com.au

What are you hoping for?That if you put something on the shelves, maybethey’ll stop and buy it. It’s not an unreal exercise. Call it a field of dreams. Remember, Kevin Costner, “if we build it, he will come,”Shoeless Joe. It’s the same thing. If we have the users, it will come. How it will come, I don’t know. But it will come. But that’s what pricing is about. It’s not about what you and I think matters. It’s what the market is building in, whichbrings me to my last point. And I hate to be the one to break this.

This is a game where luck is the dominant paradigm. When I say, this, I’m talking about investing–venture capital investing, regular investing. We like to think it’s skill and hard work. It’s luck. If you’re lucky, you can do a horribly sloppy thingsand be incredibly rich. If you’re not, it doesn’t matter how well you do things.