Like I said....
Two market watchers who rang the alarm about Twitter see trouble for Snap
I predict a Twitter-like chart
Wieser downgraded Twitter to a sell rating in November 2013 immediately after shares were open for trading. Ahead of Twitter's IPO, he had marked the stock a buy. In his sell note, Wieser said Twitter did appear to be fairly valued, but key risks included "a relatively unproven" advertiser proposition, the prospects of "wild swings" in investor sentiment and government regulations related to privacy.
"There are some lessons to be learned from the Twitter IPO," Wieser told CNBC in a phone interview Thursday. He said some investors may indeed be optimistic about the company's intrinsic value, but others may be following the "greater fool theory" in which the stock's price is determined by irrational expectations.
"A difference with Snap is that I don't know that investors necessarily believe that," he said. "Maybe some do."