Emily Flippen

I think this is an incredible business.

It's not my fault the market doesn't understand it well enough.

People just fundamentally do not understand the business of Roku.

They over-focus on the hardware.

In my opinion, Roku is like Spotify three years ago, where people don't understand the potential ramp up that could happen in free cash flow generation.

That is happening actively right now with free cash flow generation.

There's been a couple of missteps by management.

I'm not going to defend Anthony Wood and his push into home security systems.

Sometimes our founder CEOs are a little nutty.

That was a bit of a nutty move.

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.