Meta Keeps Missing

It goes without saying that Meta has a great business. One of the greatest ever created, in fact. At the same time, it's almost entirely a one-dimensional business. The social networks have changed, but the monetization remains the same. Ads.

I'm perhaps even being generous with "almost" here. Meta's business last year was roughly 98% advertising.

To be fair, in the success state, this ends up being the knock on most companies that are able to crack their business model. And again, few have cracked it as well as Meta has. And AI will likely help them crack it further. Still, it's an incredible amount of concentration for a company that is 22 years old. And has been publicly traded for 16 of those years...

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