\u26a0\ufe0f Join us for the second edition of Canap\u2019 de Monocle on Wednesday, February 8th at 5:30 PM (register here ) \u26a0\ufe0f<\/p>\n
On January 27, we penned our thoughts about Meta after liquidating half of our position: \"We maintain strong confidence in the long-term trend, but given the prevailing circumstances, we exercise prudence concerning the forthcoming results.\" Four days later, we closed the remaining position ahead of Snap's results.<\/p>\n
The results proved to be underwhelming: no growth and a disheartening 15% decline in average revenue per user over the past year. This only reinforces our conviction that the advertising sector is facing challenges. Additionally, Marc Zuckerberg's investments in the Metaverse have been met with skepticism by the market, making a stock downturn appear more plausible than a rebound.<\/p>\n
However, \"Zuck\" had a different plan. For 2023, the Meta CEO has decided to focus on \"efficiency,\" which means minimizing resources for the same level of results.<\/p>\n
Investment forecasts for the upcoming year have been lowered by $5 billion, thanks to a decrease in data center constructions. Operating costs are also being lowered by $5 billion, including lower employee expenses and lower-than-expected variable costs.<\/p>\n
As a result, Meta's stock experienced a surge of 23% last Thursday.<\/p>\n
We missed the plane \u2026<\/p>\n
Of course, we don't want to end up like Chris Columbus, who would later follow up with \"Mom, I missed the plane again.\" However, Monocle is a heritage fund whose purpose is to preserve capital. Therefore, sometimes we have to refrain from boarding out of fear of a crash, even if it means missing out on attractive market reactions from time to time.<\/p>\n
Over the week (January 30-February 3), the fund remained stable. In the United States, the S&P 500 rose by 3%. After an exceptionally euphoric January in the markets, we are maintaining a cautious stance. The fund's equity exposure stands at 23%.<\/p>\n
Meta: We have liquidated the remaining position ahead of the results for the reasons explained above.<\/p>\n
Have a great week,
\nPierre<\/p>","protected":false},"excerpt":{"rendered":"
\u26a0\ufe0fLa deuxi\u00e8me \u00e9dition du Canap’ de Monocle c’est mercredi 8 f\u00e9vrier \u00e0 17h30 (inscription ici) \u26a0\ufe0f Le 27 janvier, voici ce que l\u2019on \u00e9crivait \u00e0 propos de Meta,…<\/p>","protected":false},"author":8,"featured_media":3849,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-le-billet-de-monocle"],"acf":[],"yoast_head":"\n