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No. of Recommendations: 3
how much would you own?

A few anecdotes:

here is Cramer's line: Although many of Facebook's core business trends remain intact, it has become abundantly clear that expenses are catching up to the company, squeezing margins.

This strikes me as 'weird'. When you spend like this, it is intentional, and there isn't 'catching up' at all - it is simply a choice. Google faced this choice a few years ago and spent up and then all of a sudden changed the narrative to spending but not quite as much. FB can easily make this shift in a year or two or whatever, but they aren't spending to just stay still.

with a ML report, they suggest GAAP 8.12-9.12 for 2019 and 2020, or 177/9.12 or 19.4x. But this gives ZERO account for the BS which is 10% of the current cap. I'm a ZERO expert on this company but the idea of paying less than 20x for one of the current market leaders (social media) strikes me as a very good bet. It is was Dorsey that suggested that FB is in the public eye and has to appear more conservative than they really will be, the better to keep regulators at bay. But this all strikes me as a nothing-burger at this valuation.

thoughts? And what would you bet? The decline is ugly today but all it does is wipe out the 2018 gain to zero, so the narrative is not all that different than it was a while ago, so I don't want to add just cause it is down from a higher price.
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