Facebook is not good business

Many well-known Internet businesses are not productive, lasting, profitable ventures. They're no more than fashionable destinations, as ephemeral in scope as the latest, trendiest nightclub in town.

Jason Calacanis: Social networking is second only to chat rooms as the worst place to advertise. The content there from your friends and your family is more compelling than any advertisement. Google has the greatest advertising in media history -- search advertising. When you type a word into the box, we know what you're looking for. When you're on Facebook, we know you're looking to meet a girl or talk to your friends. It's a terrible platform for advertising. The holy grail of e-commerce forever has been that people are going to buy something online because their friends did, or that everybody here is into skiing so we're going to sell a bunch of skiing stuff. It hasn't happened. Plus, e-commerce is a low-margin business. It's nowhere near search inventory.