Thursday Links

Pandora should be trading at $2/share, tops "Let me continue my generous streak and say that Pandora might be a reasonable gamble at $2/share, tops. That would still value a company that’s never seen a dollar of profit in its decade-long history at almost $320M (~160M outstanding shares at the moment). An astonishing, princely sum for a promise-of-a-perhaps profitable business in the future."

"At some point, the weakening economy will funnel down to earnings. And valuations are not so good this time, compared to summer of 2010. There is a LOT less margin for error."

WSJ: "USG and its biggest rivals—including privately owned National Gypsum Co.—built new plants as the housing market boomed from about 2000 to 2006 and have about twice as much U.S. capacity as they can use at today's deeply depressed level of construction."

"[T]he Greek state - whose reach was never far into society - is beginning to lose its grip slightly on the actual functions a state should do."

"In a market that is flattish for the year those are the type of numbers that lead to redemptions. Paulson’s funds under management were as high as $38 billion. There is no room for error with those types of numbers."

ZH on the collapse in Philly Fed index: "all those buying stocks in advance of more easing are completely forgetting that they will take major losses before the market is low enough to allow actual easing to proceed."