Jon Quast

I would agree, I would lean value here, but I'm not screaming value necessarily because of the fact that its revenue growth has slowed down.

Its gross margin trend is down a little bit too.

Those are a couple of signals that I look at here from the competitive landscape point of view, that why isn't it growing as fast as it once was?

was.

Now, obviously, as it scales up, it's going to slow down some, but it seems a little extreme, especially considering that big players such as Amazon are ramping up.

You look at that and you say, is this a long-term fundamental risk?

I think that there's still a place for the trade desk, in which case, relatively speaking, it's a decent value.

but is it necessarily a no-brainer?

I wouldn't go that far.

I wouldn't say that I'm convinced of the Trade Desk's long-term ability to compete right here in a changing landscape.

I would also lean value here with PayPal.

But as you point out, what is kind of interesting right now with PayPal is there are so many players in this space.

It kind of feels like it is a pioneer, but it kind of feels a little bit stodgy at this point.

And so it's like, is PayPal losing its relevance?

I mean, it's single-digit revenue growth.

That said, it still is a

free cash flow machine, and it is reducing that outstanding share count by a material amount that can move the needle over the long term.

If it can just hold on to what it has and maybe even grow a little bit from here, I think it does work out okay for shareholders.

That's so good.

I think if you look at, yeah, hims and hers, the business, if you're looking at the stock and saying, oh, I want to buy shares because it's so cheap, I don't think that's the right thesis.