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Facebook is a 'great long-term holding,' says pro

On the day Facebook finally breaks the $40 dollar mark after more than a year as a public company, one portfolio manager forecast a bright if choppy future for the social media behemoth.

"It's a business in flux," Michael Cuggino, president of Permanent Portfolio Funds, told CNBC's "Street Signs" on Friday. "They have an incredible intangible asset, with all the data and information and communication. ... The question is how do you monetize that?"

(Read more: Stick with Apple, Facebook for now: Pro)

"I think it is going to be a choppy ride," he added. "But we think over the long term, they are going to monetize a lot of this information asset that they have in a tremendous way. It is a great long-term holding."

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