Writing a compiler is hard. One day, you're sure it'll be the fastest thing in the world, the next day there's sheer terror because no object code will run.
I'll grant you there could be 30% fluctuations from one given day to the next, but the months of work determining an accurate valuation should smooth out a lot of that noise.
I'd guess a hundred man years of effort went into the deal. Furthermore, this isn't grad-student eating ramen effort. This is high finance. Smartest guys on the planet and all that. Sure, you can't think of everything, but there must have been some underlying value that everyone believed in.
Any other process - highway throughput, software memory usage, year over year daily sales, cancer survival rates, just about anything getting 30% worse in two days would be a pretty pathetic failure.
Perhaps it is just noise, and it'll bounce right back to IPO valuation. I'm skeptical that that price was reasonable.
If there's one thing I've learned about "the smartest guys on the planet", it's not to listen to what they say to the public. If you're on the front desk, you might get the real story behind the news.
I'll grant you there could be 30% fluctuations from one given day to the next, but the months of work determining an accurate valuation should smooth out a lot of that noise.
I'd guess a hundred man years of effort went into the deal. Furthermore, this isn't grad-student eating ramen effort. This is high finance. Smartest guys on the planet and all that. Sure, you can't think of everything, but there must have been some underlying value that everyone believed in.
Any other process - highway throughput, software memory usage, year over year daily sales, cancer survival rates, just about anything getting 30% worse in two days would be a pretty pathetic failure.
Perhaps it is just noise, and it'll bounce right back to IPO valuation. I'm skeptical that that price was reasonable.