_As I wrote in “Phase Change” (February 2023), a turning point emerged at the end of 2022: “This is a clear indication that the actions being taken will meaningfully impact profitability; given that FOA generated >$45 billion of FY22 operating income, or ~3x higher than run rate FRL losses, you can appreciate why this is a very big deal for Meta.”
_

![Image upload](https://cdn.commonstock.com/06e9c7b93a4e03baea0b7f1ed5d39972fd34d08a49d6984df8931fc4ccb4a950-913x664.jpg)

[**https://thescienceofhitting.com/p/meta-a-pivotal-year**](https://thescienceofhitting.com/p/meta-a-pivotal-year)

Note: I recently joined Andrew Walker of the “Yet Another Value” Empire to discuss “Letting Winners Run”, which led to a broader discussion about the art of long-term investing, cash flow considerations for investors, identifying great managers, thesis creep, and more.

https://thescienceofhitting.com/p/meta-a-pivotal-year

Meta: A Pivotal Year

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