Long Island City continues to rise

If I were Long Island City, I'd definitely want to rise ... above the contaminated ground it sits upon, and as far away as possible. Alas, it remains there, endangering more pushouts every week. :-(

But LICComm, the big news is that Long Island City has recently become a hotspot for Legionnaire's Disease, too.

also an article in today's times about the new rockrose rental in court square

At Rockrose, you get to CHOOSE! The sights and sounds of the elevated 24/7 Flushing line, OR the sights, sounds and diesel stenches of the massive LI R&R train yards. Plus a wealth of major truck routes that get backed up forever. Luxury living at its finest.

An asset wallowing at 2007 prices even with 400bps decrease in 30 yr mortgages is not a 'rising asset.'

Sprint going from $2.4 to $5.38 in 4 months with w67 being up $1mm. That's what the italians call a meatball.

Hey LICC say hi to enricho for me when he's crossing the 12 lane parking lot that is the 3 o clock traffic in LiC to pick up his daughter.

youve got to credit the persistence of the shilling, in the face of such abject failure

shilLICCing!

ShiLICCing. Hilarious.

Yikes. I give up. I'm losing track. Is sprint up 25% from my last last call to you? Or is it 30%. All I know is I very publicly (as muchaz u can on an anonymous forum) bought 200k shares at $2.40.

RE: with w67 being up $1mm

actually you're "up" $600k, no?

LIC doesn't realize he's reading an ADVERTISING section of the paper.

Seriously... check it... there is a reason it sits next to CLASSIFIEDS and AUTOS.

And, look, they've got a LADY'S OPINION! That is a fact if I ever saw one!

"%u201CI haven%u2019t seen the prices go down in the neighborhood,%u201D she said. %u201CIn fact, they seem to be going up.%u201D"

Case closed!

W34. Hold on. Lemme chk my Etrade. $850k, my old 401k up $100k. My kids trust fund up $200k. My niece and nephew custodial funds up $50.

My bad. I'm up $950k. Forget the $250k for kids and nephews.

Don't forget I loaded up on dips. I'm at 350k shares. Someone short this sprint so I can double up. Again the age old problem of right on direction, and not enough of my net worth. Should've done $2mm of my liquid. That fking Audi R8 cost me $200k. Should've put that $100k into sprint 5 months ago W67 u fking moron. Hell my 5 intl trips with fan that cost $150k this yr couldve been in sprint.

But I sleep well knowing all the morons with $4mm condo in nyc wiped away their $800k in equity over the last 5 yrs. theyd could be up $4mm when sprint hits $12. But they can paint their walls pistachios and spend $400k to redo their toilets. Don't forget the bidet!

it is in fact up>30%...a great call, sprinting right through the kiss of death (plowjop buying in!)with nary a dip

wait...bidets are great

and by 30% i mean from the time you siad "can't buy strength?...give it a few days..youll see some strength"

i just shorted 2/10's @ 153bp--there's my trade of the day--own long near/short far fed fund calendar structures out three years--dont do either trade, but watch em if you can--the curve's a flip and the ff will need to be held for a while (hopefully a short one)--and then ive got a FI val book that aint doing shifumee

but i like a nice clean stock call now and then. not my wheelhouse tho, by any means

loser fing renter!!

bottoms declaring something a "kiss of death" is about as bullish a signal as you can get apparently (Sprint, East River Ferry, for example). Keep making those calls - very helpful!

So what's your take bjw on yikes/Wbottom not buying Sprint as recommended by w67, shortly after he begged w67 for a stock tip?

Oooh! Oooh Oooh! Oooh Mista Kot-Tah! Mista Kot-Tah!

RIP Ron Palillo.

out of 2/10's @ 151--just now, real time--six seven time

who's got their own real time call?

whoa...lookie that...2/10's back to 155...real time, like, now...glad to have gotten out with a nice p..ill prob reset before the close

you know what--im going to try to launch a real time market and real estate thread

"So what's your take bjw on yikes/Wbottom not buying Sprint as recommended by w67, shortly after he begged w67 for a stock tip?"

Dunno, but w67th may have said it best: bottoms is deaf of reading. But really, it's kind of obvious by now that the bottoms/yikes persona is a desperate attempt by some individual to constantly (but, sadly, rarely cleverly) antagonize any poster he deems uncool, and fawningly slurp on every word of a handful of others (see: constant deriding of buying in Williamsburg, but sudden interest in buying a condo once he learns of ar's Brooklyn purchase). This whole Sprint thing seems to have pushed him off the deep end - I'm concerned.

Yes, you're concerned, that's nice. But who is concerned about the more important matter? Who will stop the yeast from causing Long Island City to rise? I'm afraid it'll pop like a soufflé in the oven when Donald isn't quiet enough.

Not to mention the recent rash of Legionnaire's Disease in LIC, and LICComm's rash.

It's funny, in various cities the Bellevue means different things. Here the connotation is a city run hospital and nuthouse. Philly it's the Legionaires. Seattle area it's home to Microsoft.

No HB, Microsoft is based in Redmond. Close, but believe me, not the same.

Do souffles really pop? I thought they just kind of deflated when overcooked, or overanything'd. Never mind, that works too.

You are right. It's been a bit since I've had to be in the Seattle area. You never forget the aroma in Tacoma though.

I don't think soufflés have yeast either, and what's making Long Island City rise is probably a scary batter of chemicals, not yeast. But I was employing poetic license -- it's LIC we're talking about.

Aroma in Tacoma. Hah. I was born in Tacoma (and lived in one of the only nice neighborhoods there until 5th grade), and when the winds shifted the wrong way that was something fiercely awful.

We laughed when Toyota named a pick-up the Toyota Tacoma.

Poetic license? Like a good haiku/limerick/iambic thread? I'm there.

whoa...on the 59 br last night (nice meal at the wythe)...incredible the supply going up in the vicinity of powerhouse...incredible also the blocks and blocks of ready-to-build spec lots all along the wburg waterfront...

Did anyone see the piece on Newtown Creek this am on NY1?
THey interviewed some head of the kayak committee extolling the virtues of an improving Newtown Creek. Some lovely new aquatic immigrants got mentioned,and in particular a certain crab that was pointed out still not edible. It was quite comical because the guy looked like a gay hippie high on toxic fumes.

He greatly reminded me of Gale Bedeker, the now dead chemist on Breaking Bad.
For those who forgot his karaoke video, enjoy.
http://www.youtube.com/watch?v=wugY6HNLOCo

I love Newtown Creek. It's the best place in all of NYC to spot the results of significant genetic alteration. There are thing that will eventually crawl out of the creek that amaze and mystify both young and old. I believe the super fund plan is to scrape out a huge chunk of the creek and ship it somewhere. I say lets leave it in Jersey...whose gonna notice?

Puyallup.

Back in the 1970's they extolled the virtues of Columbus Avenue in the West 70's & 80's. In that case they were right. You never know.

Back in the 1970s Columbus Avenue wasn't sitting on billions of gallons of toxic waste. And had no outbreaks of Legionnaire's Disease neither.

There is hope, only 40 years ago Godzilla was battling Hedorah, the smog monster.
And Japan is so environmentally pristine now.

http://en.wikipedia.org/wiki/File:Godzilla_vs_Hedorah_1971.jpg

>Oooh! Oooh Oooh! Oooh Mista Kot-Tah! Mista Kot-Tah!

Ahart, really missed you man

And Japan is so environmentally pristine now.

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

:)

"Long Island City, which has shed much of its grittiness..."

That's a good one. Which paper did this come from? The Onion? The last time I checked, there is still a PRISON in the middle of LIC.

Queensboro Correctional

4704 Van Dam Street Long Island City, NY 11101

> 4704 Van Dam Street Long Island City, NY 11101

Adds to the character of the 'hood .. Besides, VD St is miles away from the LIC waterfront ... 8) .. the shilling is deafening.

A prison makes sense ... family members can visit from the nearby world's largest housing project and from the LIC waterfront, only miles away.

LIC also has one of the largest housing projects in America.

"incredible also the blocks and blocks of ready-to-build spec lots all along the wburg waterfront..."

Which ones? Please, do tell. You are usually gifted with specifics...

since LIC was a fave subject of stevejhx's, I thought it appropriate to post here:

wuttup with groupon?
I recall steve being labelled a dope by many for just not getting why groupon was deserving of its bubbled stock price. seems the market is getting what steve said.

any comments from the dope-labellers?

So Steve was neutral/positive on Groupon, very bearish on LinkedIn.

What did he think of Sprint?

yikes, why didn't you buy Sprint when w67 recommended it to you after you asked him for a recommendation?

bottoms, you need a little refresher there - I've always been wary of Groupon (partly because Eric Lefkosky is a terrible human being, by most accounts). As hburg pointed out, where Steve and I disagreed was LinkedIn and Facebook, especially the former. He deemed them "just websites." That was fun. I forgot Steve was another guy you slurped on endlessly.

Also, please respond with which blocks you observed on the Williamsburg waterfront with so many "ready-to-build spec lots." Unless, you know, you didn't actually observe any.

your role as human being: my personal troll

i am flattered

You asked a question; I answered. You have trouble doing the same and deflect by calling me a "troll." Makes sense.

yikes' fantasy come true. Or is bjw too old?

LinkedIn has a PE ratio of 866.35. If you want to invest in a company that has a PE ratio of 866.35, you go right ahead.

Zillow has a PE ratio of 341.91. If you want to invest in a company that has a PE ratio of 341.91, you go right ahead.

Zipcar has a PE ratio of 304.97. If you want to invest in a company that has a PE ratio of 304.97, you go right ahead.

Angie's List doesn't even have a PE ratio, because it has no E. If you want to invest in a company that has no E, you go right ahead.

If you want to invest in Groupon, Facebook, & Zynga, companies which don't actually produce anything that anybody needs, you go right ahead.

And finally, if you want to live on a toxic waste site - you go right ahead. I'll stick to Ft. Lauderdale, thanks.

I know there is a lot of LIC vitriol here, but facts are facts. When I moved to NYC 12 years ago I looked at renting in LIC. There were two - two! Highrise rental buildings. Now there are DOZENS of both the rental and condo kind. CLEARLY the area is massively better than it was 12 years ago or even 5 years ago. And the ACTUAL rents PSF and ACTUAL closed, purchase prices PSF prove that the gap between there and Manhattan has closed substantially.

Prisons and projects did not stop West Chelsea from booming, and projects did not stop the LES, EV, or UWS. This trend is relentless.

The Long Island City Tragedy

by Eckardt C. Beck

Quite simply, Long Island City is one of the most appalling environmental tragedies in American history.

But that's not the most disturbing fact.

What is worse is that it cannot be regarded as an isolated event. It could happen again--anywhere in this country--unless we move expeditiously to prevent it.

It is a cruel irony that Long Island City was originally meant to be a dream community. That vision belonged to the man for whom the three-block tract of land on the western edge of the East River.

The thought was that by building on the East River, power could be generated cheaply to fuel the industry and homes of his would-be model city.

But despite considerable backing, Long Island City’s project was unable to endure the one-two punch of fluctuations in the economy and Nikola Tesla's discovery of how to economically transmit electricity over great distances by means of an alternating current.

By 1910, the dream was shattered. All that was left to commemorate Long Island City’s hope was a partial ditch where construction of the East River had begun.

In the 1920s the seeds of a genuine nightmare were planted. The East River was turned into a municipal and industrial chemical dumpsite.

Landfills can of course be an environmentally acceptable method of hazardous waste disposal, assuming they are properly sited, managed, and regulated. Long Island City will always remain a perfect historical example of how not to run such an operation.

In 1953, the Hooker Chemical Company, then the owners and operators of the property, covered the East River with earth and sold it to the city for one dollar.

It was a bad buy.

In the late '50s, about 100 homes and a school were built at the site. Perhaps it wasn't Long Island City’s model city, but it was a solid, working-class community. For a while.

On the first day of August, 1978, the lead paragraph of a front-page story in the New York Times read:

NIAGARA FALLS, N.Y.--Twenty five years after the Hooker Chemical Company stopped using the Long Island City here as an industrial dump, 82 different compounds, 11 of them suspected carcinogens, have been percolating upward through the soil, their drum containers rotting and leaching their contents into the backyards and basements of 100 homes and a public school built on the banks of the East River.

In an article prepared for the February, 1978 EPA Journal, I wrote, regarding chemical dumpsites in general, that "even though some of these landfills have been closed down, they may stand like ticking time bombs." Just months later, Long Island City exploded.

The explosion was triggered by a record amount of rainfall. Shortly thereafter, the leaching began.

I visited the East River area at that time. Corroding waste-disposal drums could be seen breaking up through the grounds of backyards. Trees and gardens were turning black and dying. One entire swimming pool had been had been popped up from its foundation, afloat now on a small sea of chemicals. Puddles of noxious substances were pointed out to me by the residents. Some of these puddles were in their yards, some were in their basements, others yet were on the school grounds. Everywhere the air had a faint, choking smell. Children returned from play with burns on their hands and faces.

And then there were the birth defects. The New York State Health Department is continuing an investigation into a disturbingly high rate of miscarriages, along with five birth-defect cases detected thus far in the area.

I recall talking with the father of one the children with birth defects. "I heard someone from the press saying that there were only five cases of birth defects here," he told me. "When you go back to your people at EPA, please don't use the phrase 'only five cases.' People must realize that this is a tiny community. Five birth defect cases here is terrifying."

A large percentage of people in Long Island City are also being closely observed because of detected high white-blood-cell counts, a possible precursor of leukemia.

When the citizens of Long Island City were finally evacuated from their homes and their neighborhood, pregnant women and infants were deliberately among the first to be taken out.

"We knew they put chemicals into the East River and filled it over," said one woman, a long-time resident of the East River area., "but we had no idea the chemicals would invade our homes. We're worried sick about the grandchildren and their children."

Two of this woman's four grandchildren have birth defects. The children were born and raised in the Long Island City community. A granddaughter was born deaf with a cleft palate, an extra row of teeth, and slight retardation. A grandson was born with an eye defect.

Of the chemicals which comprise the brew seeping through the ground and into homes at Long Island City, one of the most prevalent is benzene -- a known human carcinogen, and one detected in high concentrations. But the residents characterize things more simply.

"I've got this slop everywhere," said another man who lives at Long Island City. His daughter also suffers from a congenital defect.

On August 7, New York Governor Hugh Carey announced to the residents of the East River that the State Government would purchase the homes affected by chemicals.

On that same day, President Carter approved emergency financial aid for the Long Island City area (the first emergency funds ever to be approved for something other than a "natural" disaster), and the U.S. Senate approved a "sense of Congress" amendment saying that Federal aid should be forthcoming to relieve the serious environmental disaster which had occurred.

By the month's end, 98 families had already been evacuated. Another 46 had found temporary housing. Soon after, all families would be gone from the most contaminated areas -- a total of 221 families have moved or agreed to be moved.

State figures show more than 200 purchase offers for homes have been made, totaling nearly $7 million.

A plan is being set in motion now to implement technical procedures designed to meet the seemingly impossible job of detoxifying the East River area. The plan calls for a trench system to drain chemicals from the East River. It is a difficult procedure, and we are keeping our fingers crossed that it will yield some degree of success.

I have been very pleased with the high degree of cooperation in this case among local, State, and Federal governments, and with the swiftness by which the Congress and the President have acted to make funds available.

But this is not really where the story ends.

Quite the contrary.

We suspect that there are hundreds of such chemical dumpsites across this Nation.

Unlike Long Island City, few are situated so close to human settlements. But without a doubt, many of these old dumpsites are time bombs with burning fuses -- their contents slowly leaching out. And the next victim cold be a water supply, or a sensitive wetland.

The presence of various types of toxic substances in our environment has become increasingly widespread -- a fact that President Carter has called "one of the grimmest discoveries of the modern era."

Chemical sales in the United States now exceed a mind-boggling $112 billion per year, with as many as 70,000 chemical substances in commerce.

Long Island City can now be added to a growing list of environmental disasters involving toxics, ranging from industrial workers stricken by nervous disorders and cancers to the discovery of toxic materials in the milk of nursing mothers.

Through the national environmental program it administers, the Environmental Protection Agency is attempting to draw a chain of Congressional acts around the toxics problem.

The Clean Air and Water Acts, the Safe Drinking Water Act, the Pesticide Act, the Resource Conservation and Recovery Act, the Toxic Substances Control Act -- each is an essential link.

Under the Resource Conservation and Recovery Act, EPA is making grants available to States to help them establish programs to assure the safe handling and disposal of hazardous wastes. As guidance for such programs, we are working to make sure that State inventories of industrial waste disposal sites include full assessments of any potential dangers created by these sites.

Also, EPA recently proposed a system to ensure that the more than 35 million tons of hazardous wastes produced in the U.S. each year, including most chemical wastes, are disposed of safely. Hazardous wastes will be controlled from point of generation to their ultimate disposal, and dangerous pratices now resulting in serious threats to health and environment will not be allowed.

Although we are taking these aggressive strides to make sure that hazardous waste is safely managed, there remains the question of liability regarding accidents occurring from wastes disposed of previously. This is a missing link. But no doubt this question will be addressed effectively in the future.

Regarding the missing link of liability, if health-related dangers are detected, what are we as s people willing to spend to correct the situation? How much risk are we willing to accept? Who's going to pick up the tab?

One of the chief problems we are up against is that ownership of these sites frequently shifts over the years, making liability difficult to determine in cases of an accident. And no secure mechanisms are in effect for determining such liability.

It is within our power to exercise intelligent and effective controls designed to significantly cut such environmental risks. A tragedy, unfortunately, has now called upon us to decide on the overall level of commitment we desire for defusing future Long Island Cities. And it is not forgotten that no one has paid more dearly already than the residents of Long Island City.

Steve, I see you're still struggling to understand how a high-growth company might have a very high P/E ratio. I do enjoy that you're sticking to Ft. Lauderdale though. It does make one wonder why you're still perusing NYC RE message boards though...

http://goo.gl/maps/C3WQj

I'm not struggling to understand that at all, bjw. In fact, AFTER its crash I bought CMG, which is a high-growth company with a PE of 36.43, with restaurants filled around the country.

APPL has a PE ratio of 15.70.

If you give me a choice between APPL & ANGI, I'll pick APPL (though I don't own it - only QQQ, which is heavily weighed in favor of APPL).

You're backtracking (not at all unusual) about what you said about Groupon, and LinkedIn's PE ratio is a staggering 881.16. So it would take just over 881 years for LinkedIn to earn enough to cover its present valuation.

Going backwards, if LinkedIn were established in the year 1131 when Lothair III was King of the Romans, and it had a PE ratio of 881.16 back then, it would just now have earned enough to cover its valuation in 1131. Henry I of England might even have bought a few shares, so Queen Elizabeth II could have broken even during her Diamond Jubilee.

Oh how I remember "The New Economy," just before the dot.com crash. Or should I mention my all-time favorite, kozmo.com?

Anybody can justify anything, it would seem, including overpaying for a one-bedroom apartment in Williamsburg.

And my name was mentioned in this thread, which is why I'm responding to it.

Bjw bought shares of Sprint. Can the analysis be applied there?

omg, Steve is back! What happened? Florida too hot?

BJW is right... I don't actually even see this groupon debate.

I was very bearish on them as well, only because of their ponzi scheme business model... not against tech overall. Facebook generated a billion in profit last year. It might be overvalued, but that is a solid billion that will grow (although not at the pace wall street predicted).

Actually, I found it... bjw is right on Groupon...

"steve, I more or less agree about Groupon, but I don't think you could be more wrong about LinkedIn (we've been over this before, but you just chose not to respond) and Facebook. not defending the actual valuations, but they are far, far more than "just websites" and there is real worth in what they do. I have no clue about Zillow, but I don't think anyone should dismiss it just because you say it's "just a website" either."

You could have said Google was "just a website" as well... Amazon... methinks it is just one more area somebody doesn't get.

No, Florida's actually been cooler than NY.

FB did NOT generate a billion in profit. That was revenue. For 2012Q2, FB stated:

"For the second quarter, GAAP loss from operations was $743 million, compared to income from operations of $407 million for the second quarter of 2011."

So FB lost nearly a billion dollars in the second quarter. Good for them!

Groupon's GAAP EPS was $0.04 in 2012Q2. Its PE ratio is infinite, as you can't divide by 0.

Forget revenue, non-GAAP earnings, MAU's, and all the other crap that people invent to try to justify outrageous or nonexistent PE's: if you had bought Groupon at $31.14 in the IPO, you'd be down to $4.64 today, and working your way all the way down to $0.

If FB can keep the fad going, good for them. But I haven't seen a lot of people playing Farmville recently.

What bjw was agreeing on with Groupon was that their business model was relatively easily reproduced.

Zillow provides some useful information - but it's not worth a PE of 341 because at .

Facebook is fun, & I use it. But I never click on the ads, and neither does anybody else (apparently). Since what they're providing isn't at all useful or necessary, it could disappear overnight just like MySpace. That PE implies growth of 22x faster than the S&P as a whole (average PE of 15). LinkedIn's PE implies growth of nearly 60x faster than S&P as a whole.

The average rate of growth over time of the S&P 500 is about 11%, reinvesting dividends, over long periods of time (decades). Though a crude measure, LinkedIn would have to grow 660% (11% x 60) PER YEAR to justify its present valuation with respect to the market as a whole. Nobody even knows if LinkedIn will be here in the next few years. I have my doubts, but only a fool would believe that it could grow at 660% per year for any period of time.

"but it's not worth a PE of 341 because at" = "but it's not worth a PE of 341."

Oops!

http://www.marketwatch.com/story/thiel-sells-201-mln-facebook-shares-post-lockup-2012-08-20

Steve, the majority of the ads on Facebook don't rely on clicks, they are sold on an impression basis. Since you know Latin, Cost per Mille (CPM).

where's the haiku? iambic pentameter? this thread lacks poetry and grace.

oh cuntersburg---reallly?

what percent is each?

percentage is the correct word, not percent.

columbiacounty, how come only 4 people "Like" your page on Facebook?
http://www.facebook.com/pages/Crypt-of-death-studio/115169375239692

wow.

more smoke coming from your asshole.

whew.

does that excite you?

huntersburg is a mental patient. try to understand.

Is there a Columbia County theme song maybe I could hum and get some of my friends here to hum too?

Old man steve is bored in Florida so he decides to annoy everyone on these boards again. steve couldn't cut it in banking and couldn't handle it in NY, so he runs down to Florida and in a discussion about the current state of Long Island City as one of the most desirable neighborhoods in NYC, with tremendous new development, he supports his foolish arguments with 30-year old magazine articles.

Wasn't his grandmother from Long Island City?

"And my name was mentioned in this thread, which is why I'm responding to it."

Right, but why were you reading a message board about NYC real estate if you were so happy to leave?

"Actually, I found it... bjw is right on Groupon..."

Bingo, thanks swe.

"What bjw was agreeing on with Groupon was that their business model was relatively easily reproduced."

Amongst other things, but you're not fooling anyone with this weasely attempt at claiming to understand what I agreed with. You clearly don't understand or don't want to understand why some of these "just websites" might actually be valuable.

"If FB can keep the fad going, good for them. But I haven't seen a lot of people playing Farmville recently."

You do realize that Farmville is a Zynga product right (another company I don't love)? Amazing how you keep diggin' that hole deeper.

Hi, steve. Hi, LICC. Did you guys ever have your date?

LICC - there's nothing wrong with living in LIC as long as you don't mind living on a toxic dump.

"You clearly don't understand or don't want to understand why some of these "just websites" might actually be valuable."

Hmm. Was I the one who said, "Zillow provides some useful information"...?

I think I was.

As I said, If you want to buy a company with a PE of 880, YOU GO RIGHT AHEAD. But before you push the button, remember Lothair III King of the Romans.

LIC is a raw nerve for LICC, for so many obvious, well-discussed reasons--thus his fight-or-flight/conred animal reaction.

elsewhere...revenues...profits...what's the diff when youre busy crushing steve? your stuyvesant econ teacher would be a bit disappointed, tho

and my troll, plowjop--you are blind if you cant see the spec'ed up, ready-to-build property all over williamsburg, esp in the vicinity of the wythe--maybe you're kidding? i mean there are blocks of legacy one story manufacturing and warehouse buildings surrounding the wythe. but it's not really about what you say (or think, god forbid)--it's that you keep saying, and keep your focus as troll, so i may continue to feel flattered--so i toss you a bone of a response once in a while, when i've got some time on my hands, like now--chaw it, girl--and get to work on your reply to me--make it a good one

steve,
i hope Ft L
treats you well
far from L
IC and smell

pity the families of your haters. all pent up with no outlet for all these months you've been busy, they can only have been quite difficult around the house! clearly they've awaited your return--focus--a reason to live, finally---surf's up!

LICComm: "Long Island City as one of the most desirable neighborhoods in NYC"

... HAHAHAHAHAHA!!!!!!!!!!!!!!

"FB did NOT generate a billion in profit. That was revenue."

Nope.

"In 2011 Facebook generated $3.7 billion in revenue, the vast majority from advertising, giving it an operating profit of $1.8 billion."

And the advertising metrics have only improved. If they are investing more in some of the new lines of business, good...

"Facebook is fun, & I use it. But I never click on the ads, and neither does anybody else (apparently)."

Except the billions that have. They have 20% of all display revenue in the US. Yet another lesson on why one should not be investing with anecdotes from folks who don't quite understand...

Good thing somebody came back to make "corrections".

FB:

P/E ratio: 72.68

52 week high: $45.00
52 week low: $18.75

Today's price = $19.68

NET LOSS = 44%.

Peak PE ratio: 165.

TARGET PRICE IF FB'S PE ratio were to fall to the S&P 500 average of 15 = $4.04.

Net predictable loss = 90% from peak.

LinkedIn's PE ratio = 881.

Good luck to you.

"elsewhere...revenues...profits...what's the diff when youre busy crushing steve? your stuyvesant econ teacher would be a bit disappointed, tho"

Except, as swe pointed out, it is a profit. bottoms, if you stopped slurping on Steve, you might be right about something one of these days.

"you are blind if you cant see the spec'ed up, ready-to-build property all over williamsburg, esp in the vicinity of the wythe"

You SPECIFICALLY said waterfront. Now, "all over Williamsburg" is even more vague of course, but in the vicinity of the Wythe (which again, is NOT the waterfront) there is certainly room for development. The problem is, it's zoned M1-2 (ie: manufacturing), so you might want to get your facts straight before foaming at the mouth and spouting your drivel (again and again). "Chaw on it" or whatever.

bjw, no need to get all personal with stuff. FB had a 2012 2nd quarter GAAP loss of nearly $1 billion - even if it did make a GAAP profit in 2011 (and nowhere does that figure say "GAAP"), it was completely wiped out.

Moreover, Zynga represented 12% of FB's 2011 revenue.

To give you some idea of REALITY vs. FANTASY (like FARMVILLE), see:

http://sec.gov/Archives/edgar/data/1326801/000119312512316895/d385430dex991.htm

A GAAP loss of -$743 million MAGICALLY AND MYSTERIOUSLY turned into a non-GAAP profit of $515 million.

I guess you can make your numbers say anything you want them to, eh?

Don't forget to remember Lothair III King of the Romans, who was in charge 881 years ago, which is how long it will take your beloved LinkedIn to earn its way to its current market valuation.

Steve, don't know where you found anything I directed at you to be personal. Odd.

But hey, it's ok that you don't get how high-growth tech companies might work. The comparison to Chipotle is a bizarre one, considering that while, yes they are opening new stores, they are in a totally different phase of the growth cycle. I mean, they've been public for what, 6+ years? If it makes you happy to harp on about Lothair, go nuts.

Steve - not commenting on value of FB, Linkedin or others, but relying on the GAAP number that includes a ton of non-recurring IPO expenses is unreasonable. A company should be valued based on its recurring earnings stream (just like if they booked a $1bn extradordinary gain you would strip that out as well).

Of course I get how "how high-growth tech companies might work." I just haven't seen any - and certainly none that would warrant a PE ratio of 881.

LinkedIn is not a "tech company"; it's a resume-posting company.

But as I said, if you want to be in the company of Lothair III, more power to you!

"elsewhere...revenues...profits...what's the diff when youre busy crushing steve? your stuyvesant econ teacher would be a bit disappointed, tho"

No, I was correct as stated... Steve was just wrong.... also noted by bjw (thanks).

"bjw, no need to get all personal with stuff."

HILLARIOUS given the source... the guy who came up with bjw's childish nickname... among other transgressions.

"I mean, they've been public for what, 6+ years? If it makes you happy to harp on about Lothair, go nuts."

And they were owned by McDonald's before that, so they were not even a 'start up' then.

stevejhx

steve!

Yes CMG was not a "start-up," and I didn't say it was. I said it had a high PE ratio, which it does.

Start-ups don't belong on the stock market, which is a long-held position of mine (and most other people). They have their place in venture capital, and then equity capital, but not listed for the gullible masses.

Facebook, Groupon, Zynga, Vonage, etc., all prove that when household names are IPO'd at outrageous prices, the only beneficiaries are the underwriters, and the insiders.

And anybody who buys a stock with a PE ratio of 881 had better be ready for it to fall to 8.81. There's a history.

Cramer said to sell Facebook.

Not sure about LIC rising but certainly the noise and fumes are!! Is this what you call luxury living? Like someone said, LIC is a toxic dump indeed. Guess the residents are finally admitting it (for they have been ignoring it all this time since they blindly bought the condos!)
http://www.qchron.com/editions/western/idling-trains-create-bothersome-noise/article_8acc723a-fb07-5293-8ee3-3191cc1a3e04.html
http://www.youtube.com/watch?v=PA4IvVQ_xaw

JB is probably another genius who lives in Manhattan, which has much higher levels of pollution and rates of sickness than Long Island City, but brainlessly spouts distortions about LIC.

I'm not aware of any cases of Legionnaire's Disease in Manhattan recently, LICComm. Unlike Long Island City.

These always mean good things for the neighborhood right?

http://en.wikipedia.org/wiki/Queensbridge,_Queens#Illegal_drug_trade

"For many years Queensbridge has had a problem with drug dealers and drug users. An 11-month police investigation led to the arrest of 37 people during a drugs bust In February 2005. Another raid in February 2009, following a seven-month investigation, resulted in 59 arrests."

http://observer.com/2011/02/bloomberg-unveils-hunters-point-south-project/

"At least 75 percent of the 5,000 rental units will be set below the market rent for surrounding neighborhoods"

I wonder what HPS will do to the school rankings there.

HPS income limits:

Adjustments to household size broadens affordability range, for example:
– A one-person household earning $36,800 would qualify for a studio
– A two-person household earning $46,000 would qualify for a one-bedroom unit
– A three-person household earning $55,300 would qualify for a two-bedroom
unit

Not another idjiot that bought a $50k home nxt to an airport complaining about the planes landing next to his backyard. Gawd.

"you are blind if you cant see the spec'ed up, ready-to-build property all over williamsburg, esp in the vicinity of the wythe"

Just to put that bit safely to bed, glad you can't seem to disagree it's all M1-2 zoning, which means they ain't building what you think they'd build over there. Sorry.

Just checking in 2 years later:

*LinkedIn tanked in value.
*Williamsburg tanked after all that "spec'ed up, ready-to-build property" came to fruition on the waterfront.

Oh. Wait. bottoms and steve, donde estan?

LIC condos are consistently pricing safely north of $1000psf. steve is still insisting that NY real estate was a bad investment in 2009.

"safely" is an ironic choice of verbage, given the toxic cocktail that those condos sit upon ... "abated" by what amounts to a layer of Saran wrap placed atop the brownfield.

Not so safe, in fact. But life is cheap for some people. And for LICComm.

[Yes, verbage ... that favorite cross between verbiage and garbage. Not to be confused with santorum.]