[hawk59]

If you read the version of Securities Analysis that was written in the 1930's you'll see Ben Graham write that "the end of bull markets can be seen when a wave of inferior companies sell their stock to the public." And that statement obviously could have been written in 2001 or any other bull market. I honestly don't know the merits of Facebook going public, but if it has $500mm in revenues then it is still not approaching what was going on 8-10yrs ago when you had crappy websites with a few million in revenues and huge losses going public and getting valuations in the hundreds of millions or more.

Could be that this time around the froth isn't in IPO's; we could very well look back in a few years and look at the froth being in LBO's and private equity and there may be a certain deal that stands out as being the sign of the top.