Since going public last month, Facebook has gotten intense media attention, even as it’s struggled out of the gate. Now trading more than 20% lower than its offering price, is it a bargain worth buying?

In an hourlong interview last week in Washington, D.C., I put that question to Eddy Elfenbein, who writes about stocks at Crossing Wall Street. Elfenbein, a long-term, fundamentals-oriented investor, was named by CNNMoney as “the best buy-and-hold blogger” on the Web. (Check out his free newsletter here.)

You can view our conversation here (run time: 2:29), or see the transcript below: