The first of the social network IPO floats has happened. In some ways it is the one I have most sympathy with, LinkedIn is at least not on the trivial side of this social connection phoenomena.
Still it feels ludicrously overvalued, what do you do, what do you produce - what is your revenue stream - all these feel fairly weak.
Of course we all know we've seen it before, web style companies with valuations bigger than a company like Boeing (who actually do something, not just a service company).
Another good example from history was boo.com, collapsed in the last bubble, and the BBC had a good documentary about it this week:
http://www.bbc.co.uk/blogs/tv/2011/05/evan-davis-business-nightmares.shtml
Maybe we have not quite reached those heady heights yet. This company had tens of millions in monthly running costs, kept putting the website launch date back, and when they did launch the shopping was rather quiet.
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