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About

META

Portfolio Change - 03/12/2024
Note: You can review all prior portfolio changes on the TSOH website. As disclosed in today’s write-up, I’ve decided to make a portfolio change (which…
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The Science of Hitting
Meta: A Pivotal Year
Note: I recently joined Andrew Walker of the “Yet Another Value” Empire to discuss “Letting Winners Run”, which led to a broader discussion about the…
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The Science of Hitting
Meta: The Next Peak
A close study of Meta’s results over the past 12 months presented compelling evidence that significant change was underway in the company’s cost…
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The Science of Hitting
Meta: "A Meaningful Cultural Shift"
From “Moving The Goal Posts” (November 2022): “If FOA [the Family Of Apps segment] is capable of double digit annualized revenue growth over the next…
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The Science of Hitting
2
Meta: When It All Matters
From “Moving The Goal Posts” (November 2022): “If we assume FRL [Reality Labs] is worth negative $100 billion (rough guesstimate of cumulative losses…
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The Science of Hitting
1
Meta Platforms: Phase Change
From “Moving The Goal Posts” (November 2022): “If that conclusion proves accurate, FOA [Family Of Apps] revenue growth rates should reaccelerate as the…
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The Science of Hitting
6
Meta: Moving The Goal Posts
From “Meta: Appropriately Calibrated” (May 2022): “With Meta, the market (rightly) expressed concerns about FRL, most notably the scale of investment…
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The Science of Hitting
2
Meta: Peak Profitability?
In Meta: “Appropriately Calibrated”, I wrote the following: “The market (rightly) expressed concerns around FRL, most notably the scale of investment…
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The Science of Hitting
6
Meta: “Appropriately Calibrated”
In “Meta: A Precarious Position”, I concluded with the following: “A thoughtful discussion on Meta must now address concerns around FoA user growth and…
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The Science of Hitting
Meta: A Precarious Position
Of all the decisions that we face as long-term investors, there are few that I find more difficult than intelligently reacting to disappointing…
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The Science of Hitting
8
The Next Platform
"It’s a risky game. But the payoff can be large.”
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The Science of Hitting
5
Facebook: Two Divergent Trends
In Part Two of the April 2021 Portfolio Review, I concluded the Facebook discussion with the following: “All-in, I believe EPS will exceed $20 per share…
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The Science of Hitting
3
© 2024 Alex Morris (TSOH Investment Research)
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