Twitter’s lock-up period expired today, resulting in an epic wave of selling – down 16% when I last looked – presumably employees demonstrating their enduring faith in the company’s business model. Faith is needed because this is a company with no earnings (ever) selling for a mere 24 times revenue.
Just like in the previous bubbles, people will buy anything when the herd is running. And they still are buying. Goldman is now calling Q1 GDP at -0.6% and Morgan at -0.8%. Of course it was snow. Really.