Travis Hoium

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.

Then at the same time, it seems that CEO Jeff Green maybe is...

Maybe not handling it the same way I would handle it, is how I would phrase that.

Obviously, I'm not there behind the scenes, but the Trade Desk got a relatively recent CFO who, over the course of the past week, was actually terminated from the company.

It's not exactly clear why.

There wasn't a lot of language provided.

The CFO is going to be staying on the board, I believe, through the remainder of his term.

But it's possible that that has to do with disagreements in the management team.

And this is a company that is run effectively wholly by Jeff Green, who owns the majority of the voting stake in the business.

But despite all these headwinds, here's what I'll say.

A rising tide lifts all boats.

And we're heading into 2026, or we're into 2026.

This is a midterm year.

Typically is pretty good for ad spending.

The Trade Desk is one of many companies that is well-positioned to manage the ad tech markets.