Nasdaq’s 2.6 percent loss on Friday followed a nearly 1 percent slide on Thursday and put the index more than 5 percent below its closing high for the year, which was set on March 5.  If this caused you to freak out, I have two words for you:  greedy bastard. 😉

Were you expecting an inexorable, never-ending rise in valuations?  Perhaps you thought that the best IPO quarter since the same period in 2000 was just the beginning?  Perhaps you also convinced yourself that Candy Crush was fundamentally different from Zynga (see below)? (By the way, I’m not sure what either of them are!)

The cloud has fundamentally altered the economics of many businesses–especially software, but how many companies can make money on mobile games?  Is one hit game really a “moat”?  Is online food delivery that defensible (GrubHub)?

I’m not chicken little calling that the sky is falling, but it certainly looks like a great time to be a seller and a little dicier to be a buyer.   As the “Most Interesting Man in the World” might say, “Stay selective my friend”.