These are unsettling times, we are headed towards another bubble.
As reported here, Facebook hasn't even floated yet and it's already worth $82.9 billion, topping Amazon.com and leaving the social-networking company behind only Google among US Internet companies.
Speculation is rife that we are about to see a spate of social networking sites floating on the stock market, including Facebook. LinkedIn is already the first out of the block, with plans for a float that would value the company at $3 billion. This looks like it could be a big year for web IPOs. The question is whether investors are going to lose their shirts.
According to a Bloomberg poll, 69 percent said that Facebook is overvalued, only 10 percent said it was appropriately priced, and 4 percent said the social networking site was worth more. Most European investors see the interest in Facebook's float as the dangerous sign of a bubble. Unfortunately, only a handful of American investors feel the same way. We are entering dangerous times again.
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