What's a Hot Take on Okay Computer?

Mike Wilson looks at Google's P&L and capitalizes some of the traffic acquisition cost that they pay. He then does the same thing for Facebook because you hear this constant thing which is like oh this thing trades at 20 times it's so cheap. "It turns out Facebook trades at 19 times and Google trade at 31 times," he says. 'They're not nearly as interesting on a implied deal basis'

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