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Firsthand Technology Value Fund Message Board

  • needinfo117 needinfo117 Sep 26, 2013 9:14 AM Flag

    Kevin Landis/ someday they will listen

    it's interesting, we bought it at a valuation of about $9 billion in
    q-4 of last year. and now people are talking about 12 or 13, sounds
    reasonable. it's still only about 1/10 of facebook's market cap. ask
    yourself, is facebook worth ten times what twitter -- obviously
    facebook's worth more. i have a different question. do you look at the
    facebook ipo. was that a success or massive failure? yes. well, last
    time i was here, it felt like -- which one was it? last time it felt
    like a failure because i was having to defend owning it at 31.50 when
    the stock was breaking down into the teens, right? now you're happy.
    but you had to wait. you had to wait a whole year. you could have
    picked that up in the interim. sure. but sometimes being stubborn pays
    off. you have to go back and pretend you're warren buffett for a
    while. then it works out. where do you think twitter's going. you're
    still invested, you have to assume it's going higher. right. look,
    when you buy shares on the secondary market, so for the first six
    months, doesn't matter. so i think for us, we care about what's it
    going to be worth a year after the ipo or a year and a half. where do
    you buy most of the stuff? we had barry on this morning, is that where
    you buy most of that stuff? second markets work for us on facebook. i
    think we bought most of our facebook shares on second market. you
    haven't sold any? you rode it down and rode it back up? yeah. so our
    fund can only buy stocks when they're private or really, really market
    caps. can't buy anymore. so once we let it go, we have to let it go.
    it might get to a market cap at one point. no. so when you first sat
    down and said what's this thing on my wrist? it's this jawbone up. and
    you have the shine one on. we've had actually the coos of both of the
    companies on. it's our number three position, okay, facebook, twitter,
    what's next? and i say, i hope it's jawbone, it should be. that's the
    next domino to fall with the advent of smartphones. your smartphone's
    like the communications hub on your person and it can connect with all
    sorts of great things.

    Sentiment: Strong Buy

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