Manlobbi, I just revisited your posts on Meta, and wanted to thank you. Like many here, I come to this board primarily to learn and exchange thoughts about Berkshire, but getting an education on Meta from the guy who created this platform has been a pretty special bonus.

Your posts genuinely changed the way I look at the company. I had always viewed Meta’s moat as more fragile than it apparently is—the fear that the next TikTok would come along, capture the next generation, and gradually turn Facebook into yesterday’s meeting place.

You opened my eyes to a much more powerful way of looking at it. The moat isn’t any one platform. It’s the billions of users, the distribution network, the extraordinary cash generation, and Meta’s demonstrated ability to adapt, copy, create and introduce new products into that enormous existing ecosystem. Instagram, Reels and Threads are compelling evidence of that. They're amazing economic stories one after another.

Perhaps most intriguing is your argument that Meta doesn’t need to reinvent the wheel to generate enormous growth. It already possesses extraordinary assets that are imperfectly monetized. Simply using AI to improve targeting, simplify advertising and bring greater efficiency to what Meta already owns could produce tremendous incremental returns. I like the thought if they can just get Google level efficiency they can really move the needle

And even the Metaverse debacle looks somewhat different through that lens. Meta demonstrated that its underlying economic machine is powerful enough to absorb an enormous mistake, change course and keep growing.

When someone steeped in Berkshire thinking gets this excited about a technology company, I pay attention. Your posts caused me to reconsider a business and a moat I had never fully appreciated.

So, from someone who comes here to learn about Berkshire and exchange a few thoughts along the way, thank you for the unexpected—and extremely valuable—education on Meta.