At $88, I agree. But the current price, for me, reflects fair doubts about metaverse spending and attacks to Meta's ad biz (Apple privacy changes and social media and digital ad competitors taking from their market share).

Meta is cash rich for sure, but is possibly blowing it all on a future metaverse that people may not want. I know some people who just love being outdoors (or, at least, going "out"...be it a bar, a concert, travel abroad, etc.) and wouldn't want to put on some headset and go into some virtual reality world. It's also unclear Meta's metaverse will even be the go-to place (if there is one). Microsoft and Tencent are huge in this space and arguably have better talent. People with Meta make fun of the metaverse and early pictures from Horizon Worlds (or whatever it's called) look laughable.

Social media seems it will always be around. But, I'm uncertain that Meta's dominance in the space will be the same. Even if it is, from a business standpoint, digital advertising is already getting very crowded. Even non-social media companies like Netflix and Disney are doing ad-tiers.

I think Meta's current price is fair. I get how some would argue it's undervalued, given standard valuation metrics, but I guess I see harder days ahead for Meta (both its ad/social media biz and its metaverse plans) and factor that in. I don't think they have a strong moat, despite having the network effects of several billion users on their platform.