Thread by @borrowed_ideas

1/6 Bezos invested for couple of decades in building the retail infrastructure without showing much profits. Along the way, AMZN stumbled upon on AWS.

Once AWS came to light, investors stopped pestering on shipping costs/retail margin. FB is doing the same but in reverse order

2/6 FB has built an incredibly scalable AND profitable global communication platform. The fat margins anchored us to a certain kind of business model.

Perhaps psychologically it's more difficult to have the order (high margin and then low margin/loss making biz unit) reversed.

3/6 Of course, nobody is sure what the eventual economics of the Metaverse is gonna look like. It could end up being just as highly profitable.

But it is almost certain that this is going to be loss making for years, potentially this whole decade.

4/6 Metaverse will almost certainly be pervasive at some point and Zuck is almost certainly too early.

The question is whether he is 25 years early or 5 years early. Is he good enough to accelerate us into the future?

5/6 I don't know the answer.

But since I consider investing as *my* lens to understand the world without being allergic to making money, $FB was always one of the most important companies in my portfolio.

6/6 I'm not quite aware of the world Zuck is trying to create. I look forward to getting more acquainted to his vision as "Meta" evolves going forward.

Given the core biz is far from richly valued, I can afford to wait to understand that world without bleeding my portfolio.