GARY: You see, there is no bubble. That’s what they tell us. Just because Snapchat now has a $10 billion market cap with virtually no revenues, there is no bubble. Everything is fine, market is fine, valuations are great, everything is all well and good. Snapchat is now valued at $10 billion dollars in the latest round of funding. Just so you know this is private equity, not a public company. So let’s say someone gives them a billion dollars for 10%, well that values it at $10 billion. Snapchat has no revenues, but they are hoping to get advertising from it. Just so you know, they started out as this company where you take a picture and I guess like in Mission Impossible, it goes poof quickly. If you take one of those stupid pictures and you don’t want it on the web. You know what I am talking about, I don’t want to get into it. They vanish within seconds. But, now they are expected to get advertising and other things like being able send money to somebody else because you can’t do that with anything else.
Anyway, just so you know, we are seeing this in a lot of private equity now. So, we are just putting it in the file manager and we will see how it plays out. Just another example. That said, when Youtube was bought out at a very high valuation, I kind of sort of made fun of it and Youtube has been a cash cow. They have been doing marvelously. So you never know who is going to make it big. I just find it interesting that this company that really has no sales but does have a lot of people. Let’s see, I know I read it somewhere that 700 million snaps are sent a day. Really? 700 million photos are sent a day. 700 milion? How many people are in the U.S.? 300 million. But, I guess this is worldwide. They have no revenues. So, the good news is that if they can monetize 700 million snaps. I gather they are going to be able to somehow. We will see. Again, just making my point. $10 billion dollar market cap.