Facebook parent Meta Platforms (META, Financial) was the portfolio's top year-to-date detractor. Fears of a recession and a resultant pullback in ad spending have added insult to injury as Meta attempts to gain traction with its short-form video product called Reels. Meta's progress in monetizing Reels and the heavyweight bout with video-sharing app TikTok for consumers' attention are clearly the main event, but we are also encouraged that, behind the scenes, management is taking a more disciplined approach to investing and expense management. Investors looking for greater detail on Meta are encouraged to read equity analyst Jon Baker's Analyst Corner feature from earlier this year.
From Wallace Weitz (Trades, Portfolio)'s Partners III Opportunity Fund third-quarter 2022 letter.
