Subject: Re: Meta's AI investments
Slight counter narrative.

Selling ads is not a moat. The business seems about as sans-moat as they come.

Ad revenue is 100%? It was like 97% a few years ago - so they're less diversified?

Google gets 101b views/month, YT gets 53b (April 2026). FB and insta get 10% of that. FB ads are garbage, and all meaningful content (that is, not cats and people doing dances) is on YT - all the finance channels there get much more traffic than FB things, and all the real how-to videos are on YT.

PE of 21 is *relatively* cheap, but so is a NY strip at $20/lb when filets are $40/lb. Doesn't make the former a bargain.

CEO is weird. Weird bunker building in Hawaii, weird annoyances of neighbors in CA real estate. Made awful decisions with the metaverse, and the board, if it was functional (which it is not, it has no power) would have tossed him.

His voting share rights are obscenely skewed against you and I retail investors. No shareholder initiative will ever change a thing - his rights ensure that. Hard no for me, on that alone.

Pass.