What are the best pieces of research you've read on $META?
Devin LaSarre's avatar
Have seen so many bad takes on the company that miss the mark. Everyone should be required to read everything Erik writes at Mobile Dev Memo.
Edmund Simms's avatar
@devinlasarre What are some of the common bad stories you see?
Devin LaSarre's avatar
@valuabl Really, most bull takes I read are 'big company is too big to fail' and most bear takes I read are 'the bigger they are the harder they fall'. A few specific issues off the top of my head:

  1. 'Valuing' the company using stuff like arbitrary trailing multiples, while ignoring massive CapEx cycle and not doing any attempt to break down where spending is going or differentiating between growth CapEx and maintenance in the future etc.
  1. Mentioning ATT/IDFA impacts while completely botching the fundamental underpinnings of what has actually changed. Further complicating things by highlighting adv metrics like CPM, which are completely meaningless to look at in a vacuum.
Conor Mac's avatar
@tsoh_investing and Mostly Borrowed Ideas have some. The Verge also covers them well, and Ben Thompson
Benjamin Buchanan's avatar
@value_invest12 on Twitter has a post that's definitely worth reading.