Note incidentally that I'm talking about the performance of the IPO, not the performance of Facebook itself. I think Facebook as a company is in a strong position. The problem is simply that Mr. Market ( http://en.wikipedia.org/wiki/The_Intelligent_Investor ) doesn't think so at the moment.
Don't you think that has more to do with the fact that they asked for 25x sales than some sort of fundamental end to the financing market for technology?