As Mike Tyson never quite said, everyone has a plan until they get punched in the Facebook. Just when it seemed that Elon Musk’s notorious Q1 Tesla conference call couldn’t be surpassed for CEO-inspired trainwreckery, or that Netflix’s Q2 earnings miss and its associated 14% share price fall might be setting some new kind of financial market low standard for 2018, along comes Facebook’s Q2 conference call, which managed to knock $156.6 billion off the company’s market valuation in after-hours trading. As the FT’s John Authers pointed out,
That is, deliciously, very slightly bigger than the current $155.6bn market cap of Facebook’s fellow FAANG Netflix.
As JK Galbraith remarked in The Great Crash of 1929,
If there must be madness, something may be said for having it on a heroic scale.Four types of people