Emily Flippen

Yes, but I will say, if you doubt Roku, just look at their performance in the ad market over the course of the past couple of years, especially during election years.

2026 is probably going to shape up to be a decent advertising year for them with midterm elections coming up.

So I really like Roku, especially over the long term, but even over the short term.

Airbnb is probably the one I'm calling puts on.

Strong business, plenty of cash flow.

I feel like management has just been too slow to innovate.

There's a lot they could have done with their platform, but I think they were too tepid and they gave up a lot of space when they probably could have been in land.

Well, there's lots of competitors to the services division too.

There's lots of different travel sites that actually organize unique sightseeing adventures.

And in my opinion, that was Airbnb's space to grab.

And for whatever reason, they were not successful in getting that market share.

They could have made an acquisition.

They had plenty of cash to do so.

They could have came in and crushed the competition with better advertising, better services, better marketing, but they just didn't.

They blew it.

Because they're gaining a lot of international viewers.

They monetize at a lower rate.

Even still.

I think there's a reason why Paramount Skydance was the one to kick off this conversation for Warner Brothers.

I think that explains a lot.