THE POST PC

The CEO of Groupon has no regrets in getting his company to an IPO as quickly as possible, according to a letter to shareholders published on AllThingsD:

“Although there are risks in moving too fast, companies often don’t survive long enough to apologize for moving too slow,” Mason writes. “Perhaps more importantly, by moving quickly, we reached a scale that has helped us solidify our market leadership, and accumulated data that is enabling our future and helping us continuously improve the experience of our customers.”

Translation: “If we had moved any slower, people would have realized just what a bad investment we are. I mean come on, online coupons? Literally everyone and their mother can enter this market and copy us.”

The Chicago Tribune has the details on Groupon’s plan to replace two board members, and the reduction of CEO Andrew Mason’s salary:

Groupon also filed its proxy statement Monday, showing a large decline in annual compensation for co-founder and Chief Executive Andrew Mason. His total compensation fell to $7,943 from $184,599 in 2010, stemming from Mason’s request to cut his 2011 base salary to $756.72 from $180,000.

The news comes as the company’s stock trades at a Groupon-esque price:

Groupon shares closed Monday down $1.27, or 10.6 percent, at $10.71. They rose in after-hours trading but remain well below the company’s $20 IPO price.

Groupon is great idea, but there is nothing proprietary about it. With so many clones doing the same thing, anyone who invested in the company at the IPO price is a bonehead.

Put this article from the Sydney Morning Herald down under “history repeating.”

“Titanic II will be the ultimate in comfort and luxury with on-board gymnasiums and swimming pools, libraries, high class restaurants and luxury cabins,” Mr Palmer said.

Clive Palmer, the billionaire who’s making this happen, made his money in mining. Probably knows a thing or two about the unexpected.

Asked today if the Titanic II could sink, Mr Palmer told reporters: “Of course it will sink if you put a hole in it.”

Prediction: This will not end well.

The New York Times’ Nick Bilton with a troubling look at the current state of tech start-ups:

When small start-ups I’ve spoken with do make money, they often find it difficult to recruit additional investment because most venture capitalists — and often the entrepreneurs they finance — are not interested in building viable long-term businesses. Rather, they’re interested in pumping up enough hype and valuation to find a quick exit through an acquisition at an eye-popping premium.

Me thinks that when the bubble finally bursts, we’ll be looking back fondly on the days of the pets.com sock puppet.