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Let Facebook Be Facebook

Stocks in this article: FB BBRY GAP T VZ GOOG AMZN MSFT

NEW YORK (TheStreet) -- Analysts -- be they in sports or business -- hate what they don't understand.  Manny Ramirez the former Boston Red Sox slugger, produced, but not always in ways understood by you or me. "Manny being Manny" was the team mantra -- leave him alone, don't try to understand him, let him hit -- which he did.

It's the same with Facebook (FB). It's time that we get over this constant bashing of how the social media company believes it should operate. It seems no matter how much progress it has made since its botched initial public offering, the company -- whose shares are up 25% for the year to date based on the Friday close of  $68.46 -- can't catch a break.

Let Facebook be Facebook.

Facebook is no longer about hype. As with most young companies, mistakes will be made. Analysts must come to terms with the company's strong potential and accept that Facebook's business model today is still based on trial and error.

The big issue today continues to be Facebook's $19 billion deal for WhatsApp, a multi-platform messaging service. Interestingly, this deal prompted BlackBerry (BBRY) CEO John Chen to say that if offered he would accept that same amount for his company's messaging service. Well, of course he would -- $19 billion is almost four times the value of the whole company.

Dennis Berman of the the Wall Street Journal recently wrote: "There's been so little precedent for business at this scale that we have a hard time simply comprehending all of this." Berman's response has been echoed by the rest of the media. They don't understand why Facebook would pay what amounts to the same valuation as Gap (GAP) for a 55-employee company like WhatsApp.

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