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Internet advertising spending replaced newspaper advertising. What is going to replace internet advertising? VR? Those ads will probably still be sold by FB and Google.

To me, Google and FB's PE ratios are sensible, taking into account current profits, continuing growth in the short and medium term, and uncertainty in the long run.

Perhaps I am wrong about this, but it was my impression that increases in internet advertising revenue were mainly based on increased volume, not higher prices. I don't see any reason volume should drop when more and more consumers are using the internet and spending more time on it.

If I try to imagine the worst things Facebook could do, I don't get scared, because they don't seem that lucrative.

Blackmail me based on private conversations?

Resell my photo uploads to shutterstock?

Charge the intelligence agencies $1k per user for a backdoor to my encrypted FB chat messages?

So kids these days are exchanging enough words but not touching enough bodies?

I'm a lot more optistic about a world where everyone is socializing on the internet than one where everyone is burning carbon.

And if cars are overvalued, then Ford needs a new business model. Kind of a tautology there.