A little worse than anticipated but thankfully flat.
What do you think the chances are of VG1 holding short Netflix inc which is down 35% overnight? I thought somewhere they had mentioned Netflix overvaluation but may have been during an oral presentation in Oct or Nov 2018 when their corporate travel short was big news. One can only hope the recent increase in shorts was for Netflix!
Many managers (Cadence, Magellan, WAM) dropped Netflix from long holdings in January as the rhetoric for interest rate rise increased and discretional money was cut. Today, Netflix reported that subscribers dropped 200k last quarter and blamed it on password sharing. Personally, I found most Netflix programs were designed for the unimagined masses and subsequently pulled Netflix 10 months ago. The poor and the intelligent are pulling the plug so the lofty valuation for growth had to come unstuck. I don't think you can blame it on password sharing.
VG1 Price at posting:
$1.75 Sentiment: None Disclosure: Held
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