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I honestly don't understand your view - I think FB is a really good buy here, and I hope they don't change anything. Agree that they could face fines from time to time - who cares, builds a moat. But I'm basing that on a feeling vs. hard analysis

GM, I should be clearer. My problems with Facebook are also based more on feeling vs. hard analysis. I want to own it, but I do not have a good feeling about their management right now. I am afraid the mindset that got them to where they are will not serve them as well going forward. I am painfully aware that my current feelings on FB are closer to the mindset of the short term herd and far away from that of many value investors whose opinion I respect. I could well be wrong, and this could be added to my long list of called strikes. At least I have some money in Sequoia.

Facebook is a commercial enterprise so it has much wider discretion to regulate speech or behavior on its site (similar in some ways to the power the NFL has to facilitate or punish Anthem protestors). Ultimately, I believe the degree of free speech will be dictated by Facebook platform advertisers who themselves will be influenced by the wider public and governments.

ET, I agree with this 100%. Probably the most important question, for the core Facebook business at least, is how well they are able to manage this in the future, and what legal or regulatory issues will ensue when they screw it up. That's where I see the risk.

Regarding the Holocaust comment, part of my point was the complete tone deafness of it. But beyond that, I think there are some real issues that need to be sorted out. Zuckerberg's comments could be described as nuanced, but I thought it was a little glib. They're not going to regulate content as long as the user is "not trying to organize harm against someone, or attacking someone" (and how do they determine that, and when?). And they will move harmful stuff down in the news feed (once again, who will make that determination and how?).

There were some things that were wrong with the old model of delivering news, and some things that were right. The journalistic judgment that went into filtering the news in an attempt to make sure it was accurate fell into both of those categories. For better or worse, that judgment is not so slowly being replaced by complex systems of artificial intelligence the workings of which, and the long term effects of which, no one completely understands. The attitude at Facebook, as in most of Silicon Valley, is that they are inevitably moving us towards a better world, and this will be good for everybody, especially Facebook. I would feel much better about them if I thought they understood it better and were approaching it with a little more humility. Maybe I should read less dystopian science fiction.
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