1. This is the peak of Facebook’s powers. They are IPOing so “late” that we are no 5x or 10x room to run (like Google’s $85 IPO now >$600).
2. Mobile First is happening. Facebook ruled the web. It won’t rule mobile. E.g., this from Rushkoff
3. The display ad model won’t work. They haven’t found a real business model still. E.g., Dixon and the “GM pulls their ads” thing.
4. Frenzy means somebody is getting suckered. E.g., Blodget re: muppets.
5. Profit margins getting worse, revenue growth slowing. (Apple’s revenue is growing faster…)