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Facebook Bearishness: Profit From the Absurdity

NEW YORK ( TheStreet) -- Before a friend of mine turned me on to comedian Louis C.K., I had never heard of him. Now, I can't get enough of the guy.

My first exposure was his 2009 appearance on the Conan O'Brien Show. He went on a tear that's relevant to Facebook (FB - Get Report) hate and other examples of modern-day investor impatience.

He give us an instant classic: "We live in an amazing, amazing world and it's wasted on the crappiest generation of just spoiled idiots."

Louis hits it on the head. We are a tap-the-touchscreen-and-it's-there people. I'm guilty of it. You're guilty of it. Nobody is immune. And it's not limited to expecting smartphones to respond instantly, airborne WiFi to never go down or flights to never get delayed. This self-entitled attitude and extreme expectation of instant gratification permeates much of society, including the stock market.

Facebook provides an excellent example. While the company might not stand the ultimate test of time, the near future looks solid.

Here's a company started in a dorm room. It has absolutely changed the way the world communicates. You're in touch with people you probably never would have run into otherwise. And it's absolutely addictive, even if you're not the type of person who wastes his or her entire day away on Facebook.

We all know friends who deactivate their accounts only to revive them because they just cannot stay away. It has become cool to shun Facebook, though very few people actually do it. For some reason, we just have to hate, but we can't stay away.

This has something to do with the IPO, but the dynamic that Louis C.K. describes so well also comes into play.

Google (GOOG - Get Report) dominates mobile. Pandora (P - Get Report) comes in a distant second. From there, Twitter, Facebook, Apple (AAPL - Get Report) and Millennial Media (MM - Get Report) battle for third through sixth places.
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