Speedwell Memos
The Synopsis
Meta Platforms: Competitive Dynamics, History, Business Analysis, and Investment Case.

Meta Platforms: Competitive Dynamics, History, Business Analysis, and Investment Case.

In this inaugural podcast, Speedwell Research goes into details on their ~170 page, January 2023 report on Meta Platforms ($META). We cover a list of questions including 1) how resilient are social networks and why did Friendster and MySpace disapear? 2) how does ad tech work and did Apple's policies permanently impair Meta? 3) what "job" does Facebook and Instagram do? 4) is the metaverse a dealbreaker for investors? 5) and much more. 


Show Notes

(0:00) Intro

(3:09) History: Six Degrees, Friendster, MySpace, and early Facebook

(28:32) Jobs to Be Done: What consumer needs does Facebook serve and the degradation of the network 

(44:57) Meta's ability to spin up new apps, failed apps, Threads, how sticky are network effects, Tencent's QQ 

(59:04) Monetization formula, advertising history, and primer on the digital ad ecosystem 

(1:19:25) Apple Privacy Changes, ATT, IDFA, Return on Ad Spend, auction dynamics

(1:38:48) Can Meta recover from their data loss? Inverting the question with the reverse DCF to see implied growth. 

(1:43:47) WhatsApp, IRR Math 

(1:47:23) Metaverse Spend, Financial Returns, Strategy

(1:53:36) Year of Efficiency


Purchase Speedwell's full ~47,000 word Meta report here: https://speedwellresearch.com/2023/01/17/meta-platforms-deep-dive/ 

Speedwell's free newsletter: https://speedwellsnippets.substack.com/ 

More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy 

Twitter: @Speedwell_LLC 

Threads: @speedwell_research

Email us at info@speedwellresearch.com for any questions, comments, or feedback



Nothing in this podcast is investment advice nor should be construed as such. At the time of publishing, one or more contributors to the podcast had a postion in Meta. Furthermore, accounts one or more contributors advise on may also have a position in Meta. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/ 

Speedwell Memos
The Synopsis
Speedwell Research spends hundreds of hours researching public businesses each month and in "The Synopsis" they share their key learnings. Most business podcasts are superficial and assume their listeners are unsophisticated. In contrast, The Synopsis trusts listeners are interested in learning about complex, industry-specific issues, so long as they are explained clearly. We cover businesses from inception to current day, coupling business analysis through an investors lens. Start listening today to become a better analyst and investor.
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Kevin Gee