Travis Hoium

Here's where I disagree with Travis while also agreeing with Travis.

I think we are going to see accelerated share buybacks, but I'm not sure it's going to be with debt.

The company already has $12 billion in debt on the books, but it has over $10 billion in cash.

With a market cap of about $39 billion, there's a lot of needle-moving capacity that's already on the balance sheet without having to take on more debt to do it.

My hope is, if we continue to see Skydance raise the bar and raise the bar and raise the bar, Netflix management board forces Warner Bros.

Discovery to make a decision.

We don't want Netflix to walk away, because as shareholders, there's the cost of breaking the deal.

But if Warner Bros.

Discovery breaks the deal, there's some financial implications for them that's doing it.

I also think there's more downside risk.

to Netflix that investors realize.

As much as there's value by adding all of this content, it doesn't fix the real problems.

The thing that's stealing eyeballs from Netflix right now is not people watching movies on other platforms, and it's not not having HBO.

It's all of the short-form content on Instagram and TikTok and YouTube shorts that's continuing to grow.

My hope is that they draw the line at some point.

And I do think they end up still winning the deal, but hopefully they show some discipline on the financial side along the way.

I'm going to try to not make my friend Travis angry here.

The thing I struggle with with HIMS and HERS is, I think their incentives today are still a problem, where they're so wired to prescriptions.

I really think that that's an issue now.

And that's holding me back.