As we sit here today the IPO that was supposed to prove that the dream of ‘its different this time’ were still alive-and-well, has shown it is anything but. The real crush for the ‘crushing it’ crowd is this – the reality that proves that the party is over came from both a business and service whose main product did nothing more than augment reality as to add cartoon features to pictures then disappear into the ether. And this you were told was why it should be worth 10s of $BILLIONS of dollars in market cap.
As inane as that was, what became all too surreal was when this concept was applied to its S-1 where the reality of its business plan appeared to be nothing more than a ‘pig in lipstick’ matching its core product features.
And ‘The Valley’ along with the entire tech world in general not only believed it, but argued that this business was worth those $10’s of BILLIONS of dollars even though the company itself stated in its own business plan that not only was it not profitable – it may never be.
Sounds logical only if you live in the augmented business view of ‘The Valley.’ Too the rest of us in the real business world? It’s crazy talk. Plain, and simple.
This post was published at Zero Hedge on Mar 20, 2017.
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