Of course, I think the company is massively overvalued. One thing I think they do have, however, is really strong engagement. Whenever I browse facebook or twi

Of course, I think the company is massively overvalued. One thing I think they do have, however, is really strong engagement. Whenever I browse facebook or twitter, I'm very detached. I'm probably even working on something else. It's the same as when I occasionally watch TV -- half attention at best. With Snapchat, I've got laser-focus. Whatever I'm looking at is going away in seconds and will never come back, so it's got a special urgency. I'm sure it won't be easy to convert this into revenue, but I believe that engagement is special.