Lou Whiteman

They are doing a big deal.

There's going to be costs with that.

They need to raise cash.

They're pausing buybacks.

Everything they're doing is rational.

If you are a long-term Netflix holder, you should be

relatively okay, at least, with their guidance being conservative in what they're doing.

But again, when someone tells you who they are, believe them.

And what Netflix is doing is telling you that the hyper-growth, rah-rah days are over, and we need to navigate the world as a mature company.

Yeah, I think that's exactly it.

Real quick on YouTube.

Yes, YouTube is doing great, but this is not a winner-take-all game.

That's more for pundits, for people like us to look at who's winning, who's losing.

There is plenty of room

in my head, at least, for Netflix to win and others to win.

I mean, I can't imagine that this turns into that.

I think Netflix is very fine.

The problem is that for years, Netflix was great, and fine is a downgrade.

And so, I think we're going through this in real time, and we have a very, very, very disruptive corporate action that we'll talk about later, kind of in the middle of it all.

But I would love to sort of strip out all of the