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Understanding Facebook’s Investment Growth: A Long-term Perspective

Fool Asset Management. Facebook remains a critical player in the business world.

We have made it the largest position in the growth portfolios for our Motley Fool Wealth Management clients. Interestingly, since 2015 through 2020, clients and advisors have frequently asked if Facebook still merits the highest allocation. My answer is a steadfast yes. As digital advertising continues to grow, a larger share of those dollars is increasingly going to Facebook, thanks to its unparalleled platform. Still, skepticism arises, particularly regarding its valuation. Some question whether Facebook is too pricey at 10 times sales, 12 times, or even 15 times sales. I respond by pointing out that with sales growing over 40% annually and cash flow margins ranging from 50-60%, there’s likely a significant long-term opportunity here. Though I often receive puzzled looks in return, these are the facts. Here are some numbers: from 2013 to 2020, sales skyrocketed from about $8 billion to $86 billion, while the company’s cash flow jumped from roughly $4 billion to $39 billion. How did my earlier predictions fare? Back in mid-2018, the stock surpassed $200. For our Motley Fool Wealth Management clients, it was over $300 by mid-2020. It seems my forecast was on point.

David Gardner: That’s incredible, Dave. I remember Facebook’s initial public offering back in the day, which many considered unsuccessful at first.

David Meier: Indeed.

David Gardner: You mentioned the stock’s journey in 2013 when it hit a low around $25 after reaching almost $40 for a brief time.

David Meier: Exactly, it nearly halved.

David Gardner: That skepticism was prevalent from the start. Yet, the growth figures you shared truly reflect its potential. People have starkly different opinions about Facebook these days. In fact, we don’t even refer to it as Facebook anymore; Mark Zuckerberg has rebranded the company. I know you stepped back from the investing side around 2020 and returned to our publishing team. But what key lesson do you have for our listeners today?

David Meier: It’s vital to remember the theme we titled “the long arc.” As Foolish investors, we analyze companies in various ways. Your six signs of a Rule Breaker have benefited many investors. Finding a solid company with a long-term trajectory means tuning out the noise and skepticism. Focus on its performance based on thorough analysis.

David Gardner: When did you first join the Motley Fool?

David Meier: I joined in 2005.

David Gardner: Amazing! You’ve been with us almost 20 years, and that philosophy of loyalty—whether to a person or a company—has certainly paid off. Relationships with both co-workers and investments often grow significantly over time. For those who haven’t held a stock for at least five or ten years, they’re missing out on a tremendous experience. In closing, you can allow a great company to appear overvalued at times. In fact, holding a stock for a decade usually means facing valuation dips along the way, especially with a company like Facebook. But these fluctuations shouldn’t trigger a sell-off, much like many don’t end relationships after a challenging year.

David Meier: Absolutely. The daily changes in stock price can be misleading compared to the steady growth of a company. It’s essential to broaden your time frame and adjust your perspective.

David Gardner: What an insightful discussion, Dave Meier. You’ve illustrated the long arc beautifully, especially as it relates to Facebook, now known as Meta Platforms. This concept of a long-term investment strategy applies to many stocks in our portfolios. There are no shortcuts to success. Keep up the excellent work in Fooldom. Thank you for joining us.

David Meier: Thank you for having me.

David Gardner: Moving on to our next stock story, Mary Long, welcome! Is this your first time appearing on Rule Breaker Investing?

Mary Long: Yes, it’s my first appearance, and I’m thrilled to join you!

David Gardner: Under this full moon, it’s great to have you here, Mary. As you introduce stock story number two, tell me, what’s the eeriest sound you’ve encountered in nature?

Mary Long: I can’t say I’ve heard it, but the howl of a werewolf feels fitting for tonight!

David Gardner: What’s your role at the Motley Fool these days?

Mary Long: I’m a producer and co-host of Motley Fool Money, which keeps me quite occupied.

David Gardner: Although you’re still relatively new to investing, you’ve contributed significantly in your time at the Fool. You’ve facilitated numerous stock stories. Can you share the name of the company you’ll discuss today?

Mary Long: The company I’ll introduce is Bumble.

David Gardner: Ticker symbol, BMBL.

Mary Long: Exactly!

David Gardner: Mary Long, proceed with your story. What’s your title?

Mary Long: My title is “Catching Flies With Honey.” Back in early 2021, I was just starting my first job and had some extra cash from my paycheck. I was curious about investing but didn’t know how to dive in just yet. So, I approached my dad for guidance on how to begin.

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Lessons in Investing: Navigating Stock Strategies with Passion and Purpose

David Gardner: Nice.

Mary Long: When my friend first mentioned stocks, I was clueless about brokerage accounts. I remember looking at him with wide eyes, realizing I had so much to learn.

David Gardner: What is that?

Mary Long: That experience highlighted my need for information. Eventually, I figured out what opening a brokerage account meant, set one up, and even invested in some index funds. Still, I was captivated by individual stocks. How could I start picking them for myself? I began discussing investing with friends, probing their strategies and stock choices. One friend, who I’ll call Nick, introduced me to Wall Street Bets. This was early 2021. He suggested I invest in GameStop shortly before its massive surge in popularity. I hesitated and didn’t buy in, but that’s a story for another time.

Then, in mid-February 2021, specifically on February 12, I was out for dinner with another friend, whom I’ll name Chloe. Our chat turned to investing strategies—by now, I was eager to learn. Chloe excitedly shared that she had just purchased Bumble stock right after its IPO at about $70 per share. She was thrilled. Having used Bumble herself, she loved its approach compared to other dating apps and admired CEO Whitney Wolfe Herd. Investing, to her, was not just about money; it was about supporting a company and its vision. Her enthusiasm was contagious.

This contrast with my earlier conversation with Nick stood out. While Nick had sent me towards GameStop with enthusiasm, his approach lacked deeper reasoning. In Chloe’s case, her investment stemmed from genuine passion and connection. It made me realize I was at a crossroads in my investment choices: one path was uninspired and haphazard, while the other was filled with excitement and understanding. I wanted to be like Chloe, the successful, invested type.

However, I still hesitated to invest in Bumble stock at $70 a share. If only I could say I had thoroughly researched it and made an informed decision. In truth, I remained in the information-gathering stage. The active part of my investing journey didn’t start until some months later. Today, Bumble’s stock price serves as a reminder of that moment; it now trades at less than $7. Recently, I asked Chloe whether she had sold her Bumble shares. She hadn’t. Despite being aware of the losses, she remained optimistic, having initially invested only about $150. With no plans to sell, she seemed content to see where it all led.

As for myself, I’ve also progressed in my investing journey. I strive to embody that optimistic, informed mindset that Chloe possessed. Yet, I’ve learned that life experiences alone do not suffice as sound investment strategies. Using a product or service is merely the starting point; more in-depth analysis is necessary to determine its investment potential. The excitement Chloe displayed fundamentally changed how I perceive investing. I started to appreciate the broader implications of business—how emotions, strategies, and innovations intertwine in shaping the future.

I proudly identify as a Chloe investor, prioritizing optimism when contemplating investments. My first consideration is whether I’d be proud to put money into a company. However, I’ve also learned that relying on optimism alone isn’t sufficient. A crucial second filter has emerged: will this company generate a profit for me? Everyone has different criteria for choosing investments, but if you’re looking for a strategy, consider what drew me to Bumble: excitement. While exploring potential investments, it’s vital to not get enamored solely by the allure of a company without examining its fundamentals.

David Gardner: That was so articulate, Mary. Sometimes, I want to jump in and add something funny, but I didn’t want to interrupt you. What you shared was spellbinding. I know you have a professional background, and it’s impressive how well you speak extemporaneously. I want to ask you to emphasize your main takeaway again. I’ll add a supplementary point: it’s okay to experience losses. Watching Bumble’s stock dip from $70 to almost negligible value is tough. I’ve faced similar situations. I’d like to highlight that the Motley Fool Rule Breaker Service, which I co-founded 20 years ago, has recommended Bumble before, and it wasn’t a success either. Many of our picks have faltered over the years. However, focusing on passion and purpose in investing will ultimately lead to rewarding experiences, as long as you embrace the inevitable losses along the way. Thank you, Mary. Oh, and remember, index funds have their place too. That’s the number one advice for many investors.

Lessons from Warner Brothers Discovery: The Complexities of Business Leadership

Key Insights on Investing and Storytelling

David Gardner: For investors, starting with index funds may be the right choice if you haven’t begun investing yet. Personally, I prefer investing directly in stocks. Index funds purchase a mix of both strong and weak stocks, while I aim to be selective in my choices. Mary, what stands out to you from the Bumble story?

Mary Long: My main takeaway is to look at your own life for investment ideas. However, just because you admire a company’s product or mission doesn’t mean it is a wise investment choice.

David Gardner: Now, let’s move to Stock Story Number 3. Nathan Alderman, welcome to the campfire!

Nathan Alderman: Hi, David. Although I’m not much of a camping person, the promise of hot dogs was too good to resist.

David Gardner: [laughs] You say you’re not really into camping. What do you mean by that?

Nathan Alderman: This may not paint me in the best light. Every fall, my wife’s brother hosts a charity music festival in their hometown, and my family loves to camp. I tried it last year and quickly realized it wasn’t for me. This year, I set up the tent and air mattresses for my wife and kids, but I enjoyed a cozy hotel room instead. No complaints there!

David Gardner: Did this arrangement follow the rules, or was it a sneaky escape when the kids were asleep?

Nathan Alderman: Everything was clear beforehand. Setting up the tent was my way of making up for not spending the night there. I ensured everyone had a good time while I enjoyed a clean, safe hotel room away from the bugs!

David Gardner: Sounds like a great compromise. Now, Nathan, tell our listeners what you do at The Motley Fool.

Nathan Alderman: I lead compliance for The Ascent, our personal finance division. Essentially, I make sure we comply with various regulations alongside our credit card and financial partners.

David Gardner: How long have you been with The Motley Fool?

Nathan Alderman: Well, I’ve been here since May 2005, so quite a while now.

David Gardner: In those nearly 19 years, you’ve held various roles. You’ve trained many of our writers in storytelling and communication. What stock are you discussing today?

Nathan Alderman: Unfortunately, this stock is one of your Rule Breaker recommendations.

David Gardner: Sounds concerning.

Nathan Alderman: Right. It’s down about 14% and a significant 51% from its two picks in 2010. However, it’s worth noting that you selected this stock before its peak and well before its decline became clear.

David Gardner: Which company are we referring to?

Nathan Alderman: The company in question is Warner Brothers Discovery.

David Gardner: Ticker symbol WBD.

Nathan Alderman: Correct. As we head towards an election season, many are reflecting on leadership’s importance. Today, I’ll talk about a leader whose decisions went astray and the insights we can draw from that experience. This will be a unique take on the classic David and Goliath theme.

David Gardner: What is the title of your story?

Nathan Alderman: It’s titled “David and Goliath, but not as you expect.” The story begins in 1905, with the founding of Warner Brothers by Harry, Albert, Sam, and Jack Warner in New Castle, Pennsylvania. Over the years, it has become a globally recognized movie studio. The company has seen its share of turmoil, including betrayal among its founders that led to serious health issues for one member.

David Gardner: That’s quite the drama.

Nathan Alderman: Indeed, by the time of our discussion, Warner Bros had suffered through troublesome mergers with both AOL and AT&T. This was when David Zaslav entered the scene. He joined NBC shortly after law school in 1989, rising through the ranks and launching channels like CNBC and MSNBC. In 2006, he moved to Discovery Communications and successfully shifted the company’s focus from documentaries to reality television. Under his leadership, Discovery’s stock soared from around $8 to $78.14 in March 2021 following the launch of its first streaming service.

However, this good fortune was short-lived. In April 2022, Discovery closed a $43 billion deal to acquire Warner Brothers from AT&T. At this time, shares traded around $24, down nearly 70% from their peak. Unfortunately, the troubles for Warner Brothers Discovery were just starting to unfold. Let’s highlight some key warning signs visible as Zaslav took over.

First, while Zaslav was a successful executive, he lacked experience in the creative aspects of storytelling, essential in the film and television industry. This led to interactions that did not adequately appreciate the value of its popular franchises.

Good leaders often emerge from within their fields or invest time to learn the industry’s nuances and core themes. Second, Zaslav’s acquisition came with substantial debt burdens. This initial financial strain set the stage for ongoing challenges. More examination of these issues will reveal valuable lessons in business leadership.

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Warner Bros. Discovery Faces Financial Turmoil Post-Merger

More than $48 billion in debt looms over Warner Bros. Discovery as losses mount.

Warner Bros. Discovery’s annual report after the merger in February 2023 revealed a staggering total debt exceeding $48 billion. Despite trailing 12-month revenues of $33.8 billion, costs reached $41.1 billion. This included $1.7 billion in interest expenses, culminating in a net loss of $7.3 billion.

David Gardner: Ouch.

Nathan Alderman: Debt can be beneficial if it’s used to generate growth. However, accumulating debt without a clear, long-term strategy can divert focus from a business’s core strengths. Instead of harnessing the value that made the company successful, management may become consumed by the burden of debt, jeopardizing its resources. To tackle the debt, CEO David Zaslav initiated significant cuts, angering many stakeholders in the process. One of Warner’s notable assets, the news network CNN, suffered under his leadership. His appointed head for CNN led to declining ratings, reputation, and morale by attempting to skew the network’s news coverage.

Zaslav’s decision to erase the HBO branding from the streaming platform, merely calling it “Max,” showed a lack of appreciation for a brand synonymous with quality television. He seemed to overlook HBO’s significance, dismissing shows like *The Sopranos* as just another piece of entertainment. Following this, he removed series from Max’s catalog despite it being a selling point. Frustratingly, he chose not to release three nearly finished films featuring popular characters, sacrificing them for a one-time tax break that fell short of their production costs. Creators often invest significant time and passion in their projects, only to see their work vanish.

David Gardner: That wouldn’t feel great.

Nathan Alderman: No, it certainly wouldn’t. This issue strikes a personal chord for me. He also scaled back the budget on Turner Classic Movies, a cherished network for many film enthusiasts. This drew public outcry from notable figures like Steven Spielberg, Martin Scorsese, and Paul Thomas Anderson—all highly influential individuals that Warner Brothers may rely on for future projects. Alienating talent is not a constructive approach for earning trust. Additionally, Zaslav’s tenure included disputes with writers’ and actors’ unions, which culminated in a prolonged strike that began in May and ended in November 2023. During the strike, he made conciliatory public statements, but continued to align with other studios against union demands.

One union estimated that Zaslav could have spent approximately $47 million over the coming years by meeting union requests. Instead, Warner Brothers Discovery reported losses ranging from $300 million to $500 million due to the strike. Zaslav later conceded that the strikers were right, acknowledging his misjudgment. Good leadership means valuing assets beyond mere budgetary figures. Effective leaders understand the importance of respecting what previous leadership built, focusing on long-term success rather than quick gains.

Despite these setbacks, Zaslav’s compensation continued to rise. Warner Brothers Discovery’s 2023 proxy statement listed his annual salary at $3 million, with bonuses amounting to $22 million and stock awards totaling $23 million, bringing his total compensation to $49.7 million, up from $39.2 million the prior year. This compensation increase occurred during a year that saw his company suffer nearly a $10 billion net loss from just $9.7 billion in revenue—a steep drop from $33 billion just a few years earlier.

David Gardner: There are so many points to address that we won’t even scratch the surface tonight. Nathan, I appreciate your insight, particularly regarding the importance of leadership. It’s interesting to reflect on Zaslav’s earlier success with Discovery Communications back in 2010. The stock performed well initially, but it has significantly declined over the past decade. Currently, the market cap sits at $20 billion, having lost much of its value—two-thirds in just the last two years. This is a stark irony since I recommended it on my Stock Advisor Scorecard. It hasn’t been a strong performer.

Nathan Alderman: Two key takeaways stand out. First, as of September 30, 2024, Warner Brothers Discovery’s shares traded just above $8, comparable to when Zaslav joined Discovery in 2006. When adjusted for inflation, that translates to a 36% loss. Executives whose compensation doesn’t reflect their performance—or who go unaccountable for poor choices—are detrimental to employees and shareholders alike. A key takeaway is this: When assessing an investment, recognize that leadership is crucial. Building something valuable requires talent and cooperation, while poor decisions can lead to rapid declines.

David Gardner: Absolutely. It’s essential to note that beyond products or profit margins, the people guiding a company significantly influence investments. This holds true unless AI advances to take over decision-making, ultimately delivering better results. Until then, we rely heavily on human capital, the visionaries steering businesses. This can be promising with leaders like Jeff Bezos, recognized for generating immense value over their careers. Conversely, it becomes problematic when, nearly two decades later, the stock price stagnates while the market has quadrupled. Nathan, it’s a sobering account, but I’m grateful for the moments we can reflect on under this full moon.

Nathan Alderman: Indeed, the ominous howls in the distance align nicely with this cautionary tale. [laughs]

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Understanding Wealth Through Investing: A Personal Journey

David Gardner: Speaking of important moments, let’s remind our listeners to check their voter registration at the nonpartisan site vote.org. As I mentioned, leadership matters.

David Gardner: Thank you, Nathan. It’s that time of year in the United States. Nathan Alderman, please share your Stock Story Number 3. It’s a classic David and Goliath tale, but with a twist. Nathan, go ahead.

Nathan Alderman: Thanks, David! Now, if someone could just direct me to the hot dogs, I’d be very happy.

David Gardner: Great to see you, Tracy Dahl! Welcome to the campfire.

Tracy Dahl: Thank you, David. It smells wonderful here.

David Gardner: It does! Who doesn’t enjoy a good hot dog under a full moon, especially with the possibility of a werewolf howling nearby?

Tracy Dahl: Actually, I’m not a fan of hot dogs, David.

David Gardner: No problem! We have dessert options like S’mores.

Tracy Dahl: Count me in!

David Gardner: Tracy, what’s keeping you busy in Fooldom these days?

Tracy Dahl: I’m currently the managing editor for our Canadian website. Yes, we have a presence in the Great White North!

David Gardner: Absolutely, and there’s plenty of camping in Canada! Do you enjoy camping?

Tracy Dahl: I do, but only if my six-year-old son is not with me.

David Gardner: A six-year-old—definitely adds some challenges to camping!

Tracy Dahl: Yes! Camping can become quite messy with little ones around. [laughs]

David Gardner: Let’s move to Stock Story Number 4. Tracy, what stock are you highlighting today?

Tracy Dahl: I’ll focus on a classic: Berkshire Hathaway.

David Gardner: Excellent choice. Ticker symbol BRK. It includes BRK.A and BRK.B—different ways to invest in Berkshire Hathaway. What’s the title of Stock Story Number 4?

Tracy Dahl: It’s titled “You Have More Than You Think,” which you might recognize from a book you co-authored with your brother.

David Gardner: I appreciate that you chose that title. I wasn’t aware you’d reference it—thank you!

Tracy Dahl: Once upon a time, I invited myself on vacation with Bill Mann, one of the Motley Fool’s globetrotting analysts. If you don’t know Bill, he has a big personality.

David Gardner: Many listeners are surely familiar with Bill from his appearances on market cap game shows.

Tracy Dahl: Absolutely! When I heard Bill was going to the Berkshire Hathaway shareholders meeting, I told him to say hi to Jim Gillies for me. He then offered me a chance to join him, and surprisingly, I said yes.

David Gardner: Have you attended a Berkshire conference in Omaha before this?

Tracy Dahl: No, and at the time, I didn’t even own any Berkshire stock.

David Gardner: Don’t attendees usually need to own stock to get in?

Tracy Dahl: You can attend as a guest of a shareholder, which is how Bill got me in. Still, I decided to buy some shares first. At that time, the stock price was around $309. Now, I’m pleased to report it’s up to $458.

David Gardner: That’s an impressive gain! We’re discussing the Berkshire B shares, right? The A shares are quite expensive.

Tracy Dahl: Yes, the A shares are beyond my budget!

David Gardner: A fantastic investment in just 18 months!

Tracy Dahl: Indeed! I was thrilled to see how well it has been performing. During the Omaha conference, about 40,000 people attended, all excited about investing. It was incredible to witness such a passionate crowd.

David Gardner: That’s certainly a sight to behold, with so many dedicated investors in one place.

Tracy Dahl: It was remarkable, and we were all there because we chose to invest our extra cash in this great company. My story continues after the conference when Fools gathered for a spontaneous happy hour. I didn’t expect so many people to show up, and I had merely made the reservation at the restaurant.

David Gardner: Quite typical of Fools, isn’t it?

Tracy Dahl: Absolutely! The crowd was large, and we had to clear out of the space for another group’s reservations. I felt we overwhelmed the waitress, so I decided to leave her a hefty tip.

David Gardner: That’s wonderful!

Tracy Dahl: It wasn’t as much as a share of Berkshire, but still significant for a few drinks. I shared my reason for the tip with her, and she started crying. She thanked me, explaining she was a struggling student, and this tip meant the world to her. That experience made me realize that wealth isn’t just about numbers—it’s about being able to share and invest in others.

David Gardner: That’s a moving story and a great reminder of the true essence of investing. It’s easy to get caught up in the competition of beating the market, but at its core, investing is about making meaningful connections and impacting lives. Investing isn’t only about profits; it’s also deeply about the human experience and sharing opportunities.

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The Lessons of Investing: A Look Back at the Rise and Fall of Yahoo

Wearing team jerseys often signifies our commitment to a cause, similar to how investors align with their chosen stocks. For Berkshire Hathaway supporters, it’s about more than just financial gains; it’s about adopting a long-term perspective and utilizing invested money for meaningful purposes. Whether aiming for retirement, funding education, or expressing generosity, the focus is on nurturing human flourishing.

Tracy Dahl: This brings us back to Warren Buffett, who has notably pledged to donate 99% of his wealth during his lifetime or thereafter. His philanthropic efforts exemplify a spirit of giving.

David Gardner: Absolutely, and this sentiment resonates with many Berkshire Hathaway shareholders. Collectively, they partake in philanthropic endeavors that represent a significant impact—especially in the U.S., where private philanthropy stands out. With a fluctuating stock market, a long-term mindset enables a hopeful outlook. Tracy, as I do with every guest, could you highlight your key takeaway?

Tracy Dahl: My final takeaway is simple: you have more than you realize, so please share.

David Gardner: As the campfire cools, I wish you well as winter approaches in the Great White North, and thank you for your contributions to Fool Canada.

Tracy Dahl: Always a pleasure, David. Fool On.

David Gardner: Now, let’s move on to Stock Story Number 5. As I find myself alone under the moonlight, I’ll share the story titled, “That’s the Last Time I’m Ever Going to Do That.” I’m discussing a stock that is no longer publicly traded.

For those familiar with the stock market, YHOO represents Yahoo, which thrived during the 1990s but has since vanished from the trading scene. Reflecting on my investment journey teaches me valuable lessons. In my earlier days as a financial analyst for Motley Fool Rule Breakers and Stock Advisor, I relied heavily on numerical assessments. However, that perspective shifted over time.

The Motley Fool launched on AOL on August 4, 1994, building around the burgeoning internet landscape. In my 20s, I was captivated by emerging opportunities; one such prospect was Yahoo, which captivated the online community as a top search engine. Back then, the internet wasn’t as mainstream, and services were primarily referred to as online platforms. The distinctive sound of dialing up a connection is a nostalgic reminder of those early internet days.

Recognizing Yahoo’s potential, I approached investment with mathematical precision. I assessed its value at approximately $26.50 per share, the price I’d recommend to our members. However, Yahoo’s trading price was $29, leading me to hesitate. Younger me questioned whether it would drop below $27 before reconsidering my recommendation. Unfortunately, that lower price never materialized; instead, Yahoo’s value skyrocketed to over $1,000—an opportunity missed.

This experience became my foundational case study. I learned that stocks perceived as overvalued can still yield immense returns. Retrospectively, I realized that waiting for dips can often lead investors to miss out on exceptional opportunities. Following the Yahoo experience, I adopted a new rule: I would no longer let fleeting price points dictate my investment decisions.

This lesson is perhaps the most significant takeaway from my 58 years of investing. For many of you, it may also resonate as a crucial insight into your investment journey.

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Reflecting on Missed Opportunities in Investing and the Promise of Tomorrow

Over the years as a passionate Rule Breaker, I’ve learned to never let a stock I believe in slip away due to minor price concerns. One vivid example is my experience with Yahoo. For a significant five-year stretch, Yahoo dominated the tech landscape until Google arrived and disrupted its reign. At that time, I hesitated, passing up a 30-plus bagger simply because I thought the stock was a few dollars too high. This decision taught me a lesson I will not forget. In contrast, companies like Intuitive Surgical have proven to be exceptional investments through my Rule Breakers service, especially after crossing the remarkable 100 bagger milestone in recent weeks. So far, I’ve identified seven stocks for Motley Fool members that have excelled, each initially seeming overvalued.

For instance, many investors continue to view Amazon as overpriced—a sentiment I’ve encountered since my early days of investing. This viewpoint reminds me of my early fascination with Yahoo in my late 20s. The takeaway here is clear: learn from your mistakes. To paraphrase Nelson Mandela, “I never lose. I either win or learn.”

Next week, I will discuss the X Prize, a global competition that pushes the limits of human achievement. It’s an initiative that aims to tackle the world’s greatest challenges, offering prizes of up to $100 million. Don’t miss my conversation with my fellow Fool, Elaine, who leads this groundbreaking organization.

I also want to extend my gratitude to Dave Meier for his insights on Meta Platforms, and to Mary Long, who shared her journey with Bumble—a stock we at Rule Breakers underestimated. Nathan Alderman has done a thorough analysis of the troubling situation with Warner Bros. Discovery’s immense debt. Meanwhile, Tracy Dahl reminds us of the core reasons we invest: you likely have more resources than you realize. As I reflect under the glow of the full moon, I cherish the tales we’ve shared together. Until next time, may your own stories illuminate your path. Good night, Fools.

John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Randi Zuckerberg, a former director of market development and spokesperson for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool’s board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. David Gardner has positions in Alphabet, Amazon, and Berkshire Hathaway. David Meier has no positions in any of the stocks mentioned. Mary Long has no positions in any of the stocks mentioned. Nathan Alderman has positions in Amazon and Berkshire Hathaway. Tracy Dahl has positions in Alphabet, Amazon, and Berkshire Hathaway. The Motley Fool has positions in and recommends Alphabet, Amazon, Berkshire Hathaway, Meta Platforms, and Warner Bros. Discovery. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.