We had and interesting conversation around the office yesterday. It centered on the Snapchat IPO, and how the market cap of SNAP was at one point (not checking my math right now) 40% higher than that of AvalonBay. As a bunch or guys with a large-ish multifamily fund, you can guess what we were saying. People say our space is over valued, and perhaps tech is a bad comparison, but I can't help but think which underlying collateral I'd like to own for the next 10+ years. Not really making an argument, but it was some interesting water cooler talk that seemed worth sharing.
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I haven't developed enough of an opinion yet to argue either side, but I too find this fascinating. At the very least I would say that on a cash flow basis I would definitely rather own a share of Avalon Bay than Snapchat.
Agreed. What's sticky about 'snapchat'? FB became a part of everyone's lives and will be around forever; my gf and her friends all use Snap but I frankly don't see the point of using it (nor do I have the time). Can they monetize all of their users for marketing purposes? Is their VR platform going to integrate and I think the biggest question is with FB competing against them across the board, how sustainable in the long run is the business model? Perhaps they will grow through M&A but I think the R&D expenses of keeping up with the Google's of the world could be frightening.
idk about Facebook being in our lives forever. People were saying that about myspace until something bigger and better came around.
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