Having already lost 40% of its value, and with a price/earnings ratio of “only” 96, it may seem that Netflix is an absolute steal right now. I don’t think so, which is why I remain short this security. Looking at this year, you can see the well-formed reversal pattern that has formed:
Looking at the long-term picture, my view is that we have just completed the third major reversal in the company’s history, the prior two tinted below for emphasis:
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Future Market Returns = Dividend Yield + Earnings Growth +/- Change In P/E Ratio
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