Travis Hoium

40%?

I hate to come in hot with the opinions here, but it is genuinely how I feel.

I think Meta has done well, not because of Zuckerberg and his capital allocation decisions or his innovation, but in spite of it.

I think you probably could have taken anybody

and put them at the helm of Meta over the course of the past 10 years or so.

And as long as they didn't do... Actually, I was going to say, as long as they didn't do anything too crazy, but Zuckerberg did do something a little crazy with the Metaverse.

Let's not forget the rebranding.

I genuinely think the company was poised to succeed simply based off the platforms that they owned.

And as long as they didn't mess up the flywheel machine that was Facebook and Instagram...

they were going to be fine.

And I don't think I give Zuckerberg or his leadership team very much, if any, benefit of the doubt when it comes to capital allocation spending, because I have seen effectively zero evidence to support the idea that they know how to spend capital effectively.

So no, I mean, I think the company may perform well, to be very clear.

I think meta shareholders should not be overly worried, but I don't think it's because leadership is so incredible or smart or knows how to spend money.

I think Netflix is a good draft.

If I can't draft Netflix, there is one that I think is maybe overblown in terms of pessimism, and that's actually the Trade Desk.

That's probably raising a bit of eyebrows because the Trade Desk has had its fair share of headwinds.

Their Kochai launch was a bit of a failure, you could argue.

It was unclear to me exactly.

I think they're going back to the drawing board is maybe how I would describe it.

That's fair because they lost a lot of ground to competitors in the ad tech world, both in terms of walled garden as well as other independent competitors that have been encroaching upon their territory.