Meta Platforms Inc

“Meta Platforms is among the highest-quality businesses globally — an irreplicable 3.35B-user social graph, 41%+ operating margins, 20%+ revenue growth, and a deepening AI-driven ad flywheel — trading at 16.9x forward earnings primarily because elevated AI capex has temporarily depressed FCF optics. The moat is structurally widening, reinvestment returns are high, and multiple platforms (WhatsApp, Reels, Threads) remain meaningfully undermonetized. The primary risks — FTC antitrust breakup and single-person governance concentration — are real but low-probability; the base case of a decade of 15-20% compounding is significantly underpriced at current levels.”