Rick Munarriz

But here's the thing.

The open internet.

It's a $935 billion market opportunity for digital advertising.

It's never going to be a one-eats-all market.

Connected TV is still powerful.

Advertisers are willing to pay twice as much to reach a connected TV viewer, where campaigns can be personalized and targeted than traditional advertising.

The trade desk was once priced for perfection.

Now, it's only priced for imperfection.

But it's also priced for infection.

A lot of people just are doubting the trade desk.

That's a good place to go and be a contrarian, and I see that now.

You can pick up the trade desk for less than 25X forward earnings.

I'll say this again, you can pick up the trade desk for less than 25X forward earnings, which may be a high multiple in most cases, but if you know the trade desk, you know that it never trades as cheap.

And yes, revenue growth is slowing, and analysts see it slowing.

It's guidance calls it to continue to go in the high teens in the current quarter.

Analysts continue to see it in the high teens next year.

There's still a lot of things happening here with the trade desk.

But I think it's a steady-growing company, still gaining market share, because there's no way the advertising market is growing at a double-digit pace.

And I think right now that it's priced actually reasonably, despite warts and all.

I believe it is a broken breaker that is mending itself.