This Twitter IPO. WTF. A giant public celebration of people getting rich on 140 characters or less?
I guess I'm supposed to suspend disbelief and join in on the nonstop media celebration along with the millions of "should you buy Twitter shares?" articles written by 20-something bloggers in pajamas who don't even remember 2000. Yes, that is an immediate turnoff.
I am not wearing pajamas. And I was a professional technology journalist writing about nonsensical IPO after nonsensical IPO during the 2000 bubble when the technology media company I worked for, Red Herring, was on the precipice of collapse. It later collapsed. These things can go both ways, I tell you.
Twitter is a great product and I use it a lot. But the product and the company valuation are two different things. Two notes I made during the 2000 bubble: 1) Don't pay more than a10X price/sales multiple for a tech company and 2) Never buy the IPO of a company that has never turned a profit.
What we have here is the largest celebration of the hubris and vanity of modern civilization ever, on the same day that we get a nasty stock-market reversal. A sign of the beast?