Operating leverage goes both ways. Every subscriber Netflix loses is a direct loss of revenue with little to no change in operating costs. FANNG is not stable

Operating leverage goes both ways. Every subscriber Netflix loses is a direct loss of revenue with little to no change in operating costs. FANNG is not stable. Crypto is all bespoke/custom so it depends. Commodities are stable. Nonproductive assets are stable. Think about it like you’re bidding on future expected cash flows. The range of cash flow estimates is enormous for FANNG.