Is Facebook 2012’s

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In March 2000 was the last big IPO in the UK before the stock market crashed. Its share price over the next year went like this:

Facebook has now gone from $38 to $29 in a week or so after its IPO.

Is it the portent of a crash to come? It seems these things have to be preceded by one last final puff of the balloon before it bursts.

I remain convinced that the stock market is heavily overvalued on the basis of, in this case not hysteria but cash that has nothing productive to do.

Let's wait and see.