1/ $FB is still remarkably cheap at these prices with long runway of growth. Recent advertising boycott is immaterial yet clouding investors view. Here is why I’m still so bullish on FB:

2/ $FB Stories is only 10% of all spend. Difficult for me to see how this doesn’t become a much bigger part of the pie.

3/ Instagram shopping is a huge opportunity, and just announced FB Shops will obviously be a near term catalyst.

4/ International growth: USA ARPU is ~$35, Europe is $10, Asia is $3!

5/ Facebook pay + Libra (eventually). WhatsApp and Messenger are still unmonetized. And then potentially a super app with Reliance Jio in India combing all of the above.

6/ Instagram TV, Facebook Watch, Dating, Marketplace, News, Shops, and whatever new products $FB comes up with over time. Zuckerberg doesn’t stop.

7/ $FB has 8 million paying advertisers out of 140 million businesses using the platform. Talk about having a very big top of funnel. Shops can easily convince a few more million to advertise once they see the ROI on it, and current advertisers will spend more.

8/ From a financial standpoint $FB has a fortress balance sheet and is starting to buy back stock. Mark Zuckerberg has also proven to be a fantastic capital allocator. Finally, FCF is still growing ~40% annually. What should $FB be trading at?