Understanding the Ambitions of the Company We All Love to Hate
Thanks for writing this packy. Facebook forms a heft 11% of my portfolio and I am adding more to it since early 2020 simply because it is the cheapest among all the growth stocks. I am also really bullish on it because I run a business off it. I buy a lot of FB ads and have been using the Business Suite for some time now. This article reinforces my views and makes me feel less like a pariah for owning shares.
I did miss out on Slack by the way. But I am very happy I didn't purchase it because I do think Stewart Butterfield is making a mistake in selling to Salesforce. Slack is worth so much more 10 years down the road. What a shame.
Another masterpiece Packy. It's so crazy to see a company with such a bad reputation and so many controversies thrive as well as Facebook. I don't think there is any company with this level of hate/drama/controversy. So in that regard they do have my respect.
Facebook is so sticky, a few big brands tried blocking FB, but only sustained for a short period of time and went back to FB anyways. I saw a chart on cost per click for FB and Google over the years, and the growth curve looked so steep.
On the downside, users only have so much time to spend, and TikTok & Snapchat have certainly eaten FB's lunch. It would be interesting to see adoption / engagement metrics for younger users.
The write-ups are great and have become some of my most looked forward to content. Just wanted to share something another substack I follow started doing a couple weeks ago (https://luckymaverick.substack.com/p/leverage). The writer recently engaged with someone to create an audio version of each post and it's been very helpful to listen to it at 2x speeds. As I'm sure you're already well aware, everyone and their brother now seems to have a substack and it makes getting to every quality piece that much harder. So an audio version might be an additional differentiator and could help further expand your reach to people that may not have the bandwidth to read multiple lengthy posts each week. Not sure how feasible an audio version would be but just wanted to share. Experimenting with audio might also make your content extensible into podcast land, too.
Packy, do you have a FB Page for Not Boring?
One of my favorites so far @Packy - great work!
I left facebook years ago for many of the reasons you listed... 'icky' factor being the biggest.
But I'll be damned if it doesn't look like a great growth stock. #theinvestmentstruggleisreal
Thanks for writing.