New from The LT3000 Blog: Facebook - the bear case Cheers, Lyall https://lt3000.blogspot.com/2020/01/facebook-bear-case.html …
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Nice article. There are two other potential downside risks that (I think) you did not mention: 1. Regulation/antitrust 2. Amazon. Amazon has eaten Google’s consumer good ads business by shifting first search from google to amazon and then populate that search with ads.
If Amazon continues to capture e-commerce market share, that will also affect demand for Facebook ads to e-commerce sites.