We added social networking giant Facebook (NASDAQ:FB) during the quarter as it works to recover from recent election and privacy controversies. These issues are far from simple, but we believe Facebook’s position as the dominant social network remains well entrenched, with plenty of interesting opportunities for additional value creation through their other platforms: Instagram, Messenger and WhatsApp.
From Wallace Weitz (Trades, Portfolio)'s second quarter 2018 Partners III Fund shareholder letter.
