I bought Netflix at the time of the Qwikster debacle because it was obvious the market was overreacting to what amounted to a one-time mistake. At the time, Netflix was a leader in both vision and their technology was a major competitive advantage.

Almost a decade later I'm bearish. Their technology advantage is being commoditized away, and production + marketing has not been their forte. It's possible they'll turn it around, but even so they've got a massive battle on their hands against the likes of Disney and other big content producers who have almost a century of experience in this exact arena. It's not that I don't think they'll be successful, but the current price is over-inflated because Tech—they've got a long way to go to justify the valuation.