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Facebook Fatigue


Normally, I get up each day about 4:30AM, to see how the Asian markets are doing and to watch the opening of the European markets, switching between CNBC and Bloomberg TV.

But, not today!  Oh, I was up at the normal time, but those channels were just “un-watchable.”

Today is the Initial Public Offering (IPO) for Facebook, and the media coverage is both intense and continuous.  The U.S. market is absolutely giddy over it, shrugging off the bad night in the Asia stock market and weak morning in Europe as well.  Global stock markets have collectively lost over a trillion dollars in the past month, but you wouldn’t know it on Wall Street.  Facebook has changed the mood on the street, albeit temporarily.

No, I’m not buying Facebook.  To me, it is a company that shreds the privacy of its users, loathes its own advertisers/clients, and has a CEO who, to be kind, is not often called a nice guy.  Warren Buffett won’t touch the stock, and neither will I.

Maybe, CNBC and Bloomberg TV need a Facebook detox program to end the non-stop coverage.  Today, I will watch the market online, while the TV is on . . . The Golf Channel.

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