"insert company with horrible idea" = "insert company with what I think is a horrible idea"
You are stating and opinion, not a fact of nature. Clearly there is often a gap between opinion and reality.
You are stating and opinion, not a fact of nature. Clearly there is often a gap between opinion and reality.
At the end I tell the reader about Snapchat being my disliked company. And although it's based on no real computer science, investors are funding Snapchat because they are competition to where they want to be.
Now lets take a step back. If a company is in a market of it's own, the value of the market is the value of the only company in it. 100% of $0 profited is a $0 valuation. But lets make facebook our competition. 100mil SC users versus ~1 billion facebook users is ~10%. Now take 10% of facebook's value. That's the only way to give value to a 3 year old company that doesn't make money.
There are a million ways to justify why Snapchat is a dumb company, and a million ways to justify why Snapchat is a great company. One of the great things about markets is that there is an easy way to tell who is right and wrong, given time. Some investors have invested a lot of money into Snapchat. The fact is that many of those investors have a great track record of picking successful companies and actually betting on them (better than you or I). Time will tell who is foolish here.