tl;dr (most important): Facebook's stock is not likely to bottom until one or more of three things happen: 1) revenue growth reaccelerates, 2) margins stop dec

tl;dr (most important): Facebook's stock is not likely to bottom until one or more of three things happen: 1) revenue growth reaccelerates, 2) margins stop declining and start expanding, 3) the stock falls to a level that is objectively "cheap," at which point value investors will start buying it. We're a long way from that level. Also, he is very wrong about Amazon (comparing company selling products that is not a matter of trend, but rather a matter of, for lack of better wording: life or death). But I understand he just tries to BS his engineering team by telling them "work hard like Amazon emps did and we will be fine and stock will go up", which, as you know, is not a case here.