Taking into consideration R&D, Facebook/Meta is at around PER 15. If you don't do that, it's PER 21, which is high but not crazy high. From the rest of the FAAN

Taking into consideration R&D, Facebook/Meta is at around PER 15. If you don't do that, it's PER 21, which is high but not crazy high. From the rest of the FAANG, maybe Google is not too overpriced. The rest are severely overpriced. I'd rather own an OIL company at 3x FCF than Netflix or anything like that.