Market notes; Facebook, tariffs and other thoughts

You need both a buyer and a seller to make a market, so it has been fascinating to observe the growing divergence of opinion between those who love and those who hate Facebook, the social media business. I have had a fascination with this company ever since it came to the market in May 2012, when it was strikingly rubbished by many professional investors as a hopeless throwback to the excesses of the TMT bubble.

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