[themagician]

It makes sense to invest, I think. Notice, I'm not saying that these things aren't valuable—they are. It's just that their value is time limited. They add the bulk of their value between date X and Y, and it just decays after that. And after their value has been delivered, if they disappeared entirely the world really wouldn't be any different.

If tomorrow their was no more Facebook I don't feel like it would be a big deal for more than a week or so. After a few hours everyone would have a new solution for photos, messaging, etc.. After a month no one would care anymore.

As an investor I think the thing is to get in early, help built that valuable moment in time in peoples' lives, and then just get out.