@MasaSonCap @IntrinsicInv Here's a hot take:
1) Unprecedented content spend from unprecedented 'flywheels' ( $NFLX ) and balance sheets
2) Structurally lower ROIC
3) Held up by 'lower beta' tentpoles ( $DIS+Marvel ) and dragged down by 'higher beta' crap ( $NFLX+6 Underground)