Is Facebook really a good business?:

Facebook offers nothing that you can’t get elsewhere on the internet in terms of building an online presence, sharing with friends and family, and keeping up with people in an extended circle—it’s simply that right now, many people find them the most convenient way to do that. A long-term bet on Facebook is a bet that this will still be the case 15 years from now—or a bet that, 15 years from now, Facebook will have pivoted in a way that still keeps them just as relevant. That’s a very tall order.

Source: Coyote Tracks