Would you invest in Facebook now?

James Gautrey, Schroders  Need convincing     I will need a lot more convincing on the growth strategy before investing. At 25x 2011 sales (implied by the mooted $100bn valuation) there is a huge amount of growth baked in. Given a finite number of internet users (Facebook already has already signed up 50% of the 1.7 billion addressable market), the majority of future growth will need to come from increasing revenues per user (currently $5 per annum). This will entail establishing Facebook as a platform akin to Apple’s iTunes from which it can sell digital music, films and fu...