Rick Munarriz

I don't see Yelp finding a way out of this, so I went faker as well.

Tervetuloa!

Yeah.

It's raining in their boardroom, and apparently, it's like an open roof.

It's a convertible boardroom because they're getting soaked.

The Trade Desk is a 15-bagger since becoming a Rule Breaker recommendation eight and a half years ago, when Carl Thiele and I coincidentally just approached David Gardner at the same month and said, hey, we like this stock.

Carl and I rarely have the same stock on our minds, but we did that time.

But it used to be a shinier star on our scorecard.

The leader in programmatic advertising has fallen 63% since peaking 10 months ago.

Obviously, that's more than rain.

That's a deluge.

The first hit came a few weeks after its all-time high, when after 33 quarters of breezing through guidance, it proved mortal.

Two quarters later, it's its most recent quarter, it missed on the bottom line, and revenue failed to top 20% for the first time as a public company outside of the second quarter of 2020, when advertisers sort of took a

It took a mulligan.

They took a quarter off early in the pandemic that time.

But there are fears there.

There are fears that it's AI deployment having gone exactly as planned.

There's fears of a competitive market, specifically in connected TV, which is always seen as this big growth for them.

Amazon is emerging as a force.

The open internet.