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Holly LaFon
Holly LaFon
Articles (8902)  | Author's Website |

Sequoia Fund Comments on Facebook

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April 12, 2018 | About:

Lastly, we purchased a small position in Facebook (NASDAQ:FB) towards the end of the quarter. Remarkably, Facebook controls four social media platforms with more than a billion global users each: Instagram, WhatsApp, Facebook Messenger and the original Facebook “Blue App.” Though doing so will involve substantial cost, we believe the company will take necessary steps over the coming months and years to restore the damaged trust of its users and advertisers. After factoring these costs into our valuation, we believe the recent controversy enabled us to purchase a very unusual business franchise riding several powerful secular trends at a price-earnings multiple only a little higher than that of the overall stock market. Though Facebook has unquestionably committed sins for which it must now atone, we believe it remains a far more competitively advantaged, economically attractive and faster-growing enterprise than the average American business.

From Ruane Cunniff (Trades, Portfolio)'s first quarter 2018 shareholder commentary.

About the author:

Holly LaFon
I'm a financial journalist with a master of science in journalism from Medill at Northwestern University.

Visit Holly LaFon's Website


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