[dontbelame]

I like the fact that the author brought up these two points.

1. "Facebook is a mini-Internet. It’s an organized Internet. We’ve all moved our home pages to be our Facebook pages. Companies flash their Facebook page on their commercials now instead of their own websites. So imagine the value of the entire Internet."

2. "In 1999-2000, the public was given the chance to have a venture capitalist-style portfolio. It didn’t work."

1 has some truth to it but not entirely correct. Facebook has done a great job on social graph capturing but as far as mapping the internet, it has not done well nor did it intend to act like a repository of web in the first place. There will be services like that in the future, very soon. For 2, I think he has a point, but of course the general public's investing pattern is different from a VC's. It's the average Joe's preference. If you ask a 90 year old to drive a porsche, she'll come back and complain how bad the driving experience is and how close she was to have a heart attack from it.