Investors need to approach company analysis using a real estate mindset. What is the credit quality and long-term business outlook of a company’s customers? I think $FB and $GOOGL each have an exposure to low quality customers that is greatly under-appreciated by investors.

I would like to know aggregate 2019 spend on digital marketing by companies that were unprofitable - it’s a big number. $FB and $GOOL are great companies, they aren’t going anywhere. But I think their revs have been inflated and will re-set lower. Unclear if that is priced in.