Once in a while it's just too tempting to not toot one's own horn, so please forgive me for this post.
As I pointed out first in http://www.longtermreturns.com/2011/11/facebook-ipo-stupidity.html and then in http://www.longtermreturns.com/2012/02/facebook-ipo-stupidity-revisited.html Facebook's IPO $80-100 billion valuation was completely disconnected from reality. Good news for all investors that were smart or lucky enough to not buy it is that Facebook now trades at 50% discount to those IPO days, at $40 billion valuation, which is what I eyeballed as the top end of reasonable price range. By no means is Facebook a bargain here but at least it's no longer obviously ridiculous either.
I continue to have no interest in buying Facebook or most any other individual stock. But as a long-term holder of index funds I'm happy that when Facebook is finally added to S&P500 and all the index funds start buying it it will be at not quite so crazy a price. Then again, things can change quickly so perhaps I should curtail the horn tooting.