$ROKU bear case.  Roku has $13B EV. 40M accounts. Each account is valued at $325 (was $500 until recently). So TCL builds the TV, $BBY / $WMT / $COST sell it, and $NFLX / $DIS etc provide content. Where is the value add? When do these behemoths cut Roku out of value chain. https://t.co/tJdTAW1HYM