And that's really the last word on the subject. It's done growing and unless they do some major branching out it's probably as profitable as it will ever be. Which is going to unfortunately traumatize a whole bunch of stockholders and sink a lot of other innocent tech stocks but when we look back it's probably going to seem pretty obvious that Facebook wasn't ever going to be the next Google or even the next LinkedIn. It's audience is too fickle.

Facebook was so much fun in its university exclusive days, because it was like a quasi-private campus community. With groups, it was even a good way to meet new people.

As far as I can tell, all of that is long dead. And 99.9% of Facebook's growth came after that era, certainly. But I still think that the future of "social networks" is going to look a lot more like early Facebook than current Facebook.