Perusing my Twitter feed, I came across an article that inspired me to do some venting. Hence, I’m revisiting the mini-blog I began when the IBC Blogger Network launched nine months ago. Just so you know, I intend to start using this space with some regularity–and not because this transcendent site needs another vagrant littering its front lawn with (unqualified) market commentary. Instead, my hope is to use this as a launching pad for thoughts and market ideas, while keeping my writing skills sharp.
Now, onto to the impetus for this blog: Michael T. “Stick ‘em up” Moe.
Mr. Moe said he was angriest about overpaying for Groupon, saying, “Yeah, I blew Groupon.” He said that he also did not anticipate what he called a “deceleration” in Facebook’s growth rate, and that it was “kind of infuriating” that some of its early investors were allowed to exit before others. GSV often must hold its shares until six months after a public offering.
Yeah, Mikey, we believe ya, you’re really, really angry about the Groupon disaster. You’re upset that your “innovative” fund, intended solely for the little guy to get his piece of the private equity pie, has now been hurled into the Wall Street reject bin. You regurgitate metaphors like “it’s the batting average that counts” and pout that early stage investors get to sell before GSV does.
What Mikey Moe fails to tell us, though, is that even if FB’s IPO had been a smashing success and sustained its $100 billion valuation for more than a week, GSVC would still likely be printing with an $8 handle. Recall, it was under Moe’s stewardship that the fund lauded as being for the average investor diluted its float into oblivion as the share price goose-stepped higher ahead of FB’s IPO. Let me make myself perfectly clear, Mr. Moe: NO ONE GIVES A SHIT ABOUT YOUR PLIGHT. You robbed investors blind, and while the social media bubble’s deflation has expedited your inevitable destruction, your insolence has not gone unnoticed. But I’m sure that despite this track record, you won’t have any problems starting a new fund.
Futures are off 30 points ahead of the GREAT DEFLATOR’s speech. I realize we’re in the middle of the fucking GOP convention and that anything that doesn’t diametrically oppose “the 0″ is anathema, but can we tack a step back and consider that Ryan’s plan isn’t the debt eraser everyone thinks it will be? Recall, political experts of 2012, he voted in favor of TARP; he voted to bail out Detroit. I’m not sure he’s quite the ideologue, draconian the Left wants him to be. We’ll see if he’s the pragmatic problem solver the Right needs him to be.
Also, the Tim Pawlenty comedy hour was a complete embarrassment. Can’t believe they let that nerd on stage.
UPDATE: You have to admit, Ryan rocked the house. Very impressive.