Pre-IPO, independent valuation of Facebook is worth the read

Andrew Butler’s insightful and delightfully funny comparison of Google and Facebook, published on May 8, could be titled “Look at all the lonely people; where do they all come from?” Instead, it’s simply “Facebook will always be #2.”

What is Facebook’s real business model? Who are their real customers? If Google has replaced the need for directories and Yellow Pages, what need is Facebook satisfying? Do the SEC filings tell the whole Facebook story? For a great read, based on foresight, not hindsight, here is the full article as found in The Market Oracle.