"Signs of Systemic Mismanagement At Facebook"

Brian Wieser of Pivotal Research has been bearish about Facebook for months. But that was mainly because he could see a natural limit to the growth of its targeted digital advertising — a limit its shareholders didn't seem to see when the stock was trading at 26 times its earnings forecasts for 2018. But after the latest hullabaloo, he has one big, new warning (with our emphasis): Facebook is exhibiting signs of systemic mismanagement, which is a new concern we had not contemplated until recently.