Travis Hoium

And that hasn't stopped the full speed ahead train that is engagement on Meta's platform.

I mean, Instagram has been incredible for them.

The transition to Reels and ad spending on that platform, absolutely incredible.

Meta has a lot of room to run.

They can just throw stuff at the wall, the spending, and just see what sticks because they have this platform that still generates such incredible levels of engagement.

No, that was mind-blowing to me.

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.