"We risk becoming the best informed society that has ever died of ignorance"
- Rubén Blades

"You can't make up anything anymore. The world itself is a satire. All you're doing is recording it"
- Art Buchwald

"It's getting exciting now, two and one-half. Think of everything we've accomplished, man. Out these windows, we will view the collapse of financial history. One step closer to economic equilibrium"
- Tyler Durden

"It is your corrupt we claim. It is your evil that will be sought by us. With every breath, we shall hunt them down."
- Boondock Saints

Sunday, February 5, 2017

Snapchat Is Shit

This is just silly. US equity markets continue to prove they are nothing more than a joke.

Snapchat, the company with growing losses and a slowing user base, is doing an IPO while telling us they want to change the camera. What kind of San Francisco via Venice Beach horseshit is this? Change the camera? Come on guys, your business is adolescent soft-core porn that disappears. GTFO with this bullshit.

And the co-founders want to maintain all voting control? Likely to cash out on a couple billion IPO and save face before this whole thing crashes and burns and goes the way of MySpace...or one of its own products and slowly disappears out of everyone's memory.

This IPO is manipulative and borderline irresponsible. It's worse than Trivago's IPO.

This has to be stopped except that it won't be.

Becky Quick, Jon Fortt, and everyone on CNBC, Sara Eisen too, will be talking about how awesome Snapchat is and how it's worth $60 per share, along with this bullshit and that bullshit even though the stock is shit, the business is shit, the idea is shit, and the "we're making a better camera" in the S-1 filing is shit.

If anything, this is what Billy Madison has been looking for..."a nice piece of shit".

A couple comments from the IPO that should scare the shit out of you:
"In the way that the flashing cursor became the starting point for most products on desktop computers, we believe that the camera screen will be the starting point for most products on smartphones." - What? Is Snapchat unaware of Google Glass, the new iPhone camera, the SONY cellphone camera, GoPro's cameras, the Canon DHR cameras? WTF kind of comment is this? Oh right, one predicated on bullshit and designed to get the media to hype this dog shit company.

"Substantially all of our revenue comes from advertising, so our ability to generate revenue in a particular country depends on the size of its advertising market." - Wonderful, another advertising based social platform because it went so well for MySpace, Facebook and Twitter right? GTFO.

"Our community spends an average of 25 to 30 minutes on Snapchat every day." - So basically the sum total of taking two shits per day. That should make for a wonderful Snapchat Crapchat.

"We benefit greatly from the fact that many of our users are in markets where we have the highest capital efficiency and monetization potential, allowing us to generate revenue and cash flow that we can then invest into future product innovation." - Who gives a flying shit? You're burning money, your user-base is dying, and shareholders will have no voting rights. This sentence is useless except as contrast we get to the next one.

"We have incurred operating losses in the past, expect to incur operating losses in the future, and may never achieve or maintain profitability" - All you've done is lose money and pay yourselves through VC funds. Now you think this is a economic viable business that should be a part of the US economy? GTFO.
I can go on and on but think most of you are reading your screen going....