I thought this was going to be a puff piece before I opened it but the most interesting thing--and perhaps this is posted elsewhere and I merely missed it--is it has basic Facebook financials.

$2 billion revenue for $400 million profit gives a P/E ratio of 125. That is simply nuts.

Now I fully realize that the stockmarket is driven on the expectation of future value rather than the simpler view of the ability to produce income, which is why "growth" companies trade much higher than their P/Es but 125? That's like the height of the dot.com era pricing.

Remember at 600 million users, if you exclude those who are illiterate, have no access to computers or the internet, are infirm or simply too young, there's only so much bigger Facebook can actually get (given ~6 billion people on Earth you'd exclude at least half of them).

The counterargument to that is that Facebook has only scratched the surface of monetizing those users and I guess that might be true but I'm also of the opinion that there isn't as much room to monetize as some seem to think.

The usual MO for a VC-backed company is to go all out to build scale. They'll burn through millions of dollars to do it without concern for how to generate money. Why? Because once you have scale many things become easier, even possible.

Facebook has scale and can only generate $400 million in profit a year and only a 20% profit margin? That's less than impressive.