NFLX 是极佳的买入机会：营收增速放缓（从 17% 降至 12%）是唯一的批评点；即便没有 2026 年的爆款，12% 的增长仍显示出 A+ 级的核心表现，负债累累的竞争对手处于弱势，而 17-18 倍的预期市盈率对应超过 10% 的营收增长和超过 40% 的每股收益增长，使其成为便宜货。

reduced the number of their shares, okay? Listen. This is exactly what you would want to see in any business. This is exactly what you want to see, man. They achieved tremendous success.

The only negative aspect that can be criticized is the slowdown in the rate of revenue growth. That's all, right? From 17 % to 16% to 13% to 12%. Apart from that, there's nothing to criticize, is there?

The other thing about Netflix is its enormous balance sheet. Its total shareholders' equity reached $29 billion. Its cash balance is more than $8 billion, after withdrawing its shares from the market, isn't that right?

Now, you'll hear a lot of talk about this in relation to movies. Then some say that this is very negative for them. They say, "Wow, the movies haven't been a hit this year, have they?

Usually, movies release some kind of big hit every year, if not several, right? And for some reason, that did n't happen in 2026. They did n't have those big hits that everyone's talking about and watching this show or movie or whatever, right?

That's interesting, and I can actually consider it one of the most optimistic things ever, because this is a company whose earnings statement I reviewed last night , and I shared it within the private equity group, right ?

It got an A+ rating. That's a great achievement. Without any hits this year. So , if you can say you're not producing a hit movie and yet still have an A+ core performance, that's really impressive.

When you're a company as big as this one, and you're still able to increase your revenue by 12% annually without any big hits this year, I think that's really impressive. Because then you can say they had a big hit this year, or even two big hits, right?

One of those moments that spreads quickly." Lightning. Back then, what would the numbers of this company have been? So , you know, many might look at it negatively, but I look at it and say, "This is truly impressive what this company has built, isn't it?"

When I look at the companies, I see one that I am absolutely certain that if Buffett were fifty years old—and he is retired now, of course—he would have fully understood, and I am absolutely certain that he would buy its shares now.

It's not just about buying; he will intensify his investments in it to make it one of his top five investments. Because when I look at this company, I find in it everything Buffett looks for in stocks.

It has a circle of competence. This is n't a very complicated task , is it? Retain existing subscribers, attract more, expand your business internationally, expand your advertising business, raise prices from time to time, and continue to buy or create content.

It's not complicated at all. The efficiency circle, definitely. "If he were around 50 years old today, this would be his area of expertise, wouldn't it ? A strong competitive advantage.

He looks for a unique product, strong brands, and cost advantages that prevent competitors from stealing market share. Absolutely. That's what this company already has. Yes. I mean, it's undeniably a unique product in the market.

They have a very strong brand. They definitely have cost advantages. When you look at their competitors, they're very weak and heavily indebted , aren't they? And they're not in a position to compete with films the way they need to.

Trustworthy management? Absolutely. You know, Netflix has a history of manipulating numbers, right? A strong financial position ; it prefers a high, consistent return on equity, and growing profit margins with low or manageable debt .

Oh, that applies to all films. Everything there. Irrational valuation . It only buys good companies when their stock is trading below or near its intrinsic value, rather than chasing market hype.

Yes, when you look at the projected P/E ratio here, it's 17 or 18. Yes, for a company growing at a rate exceeding 10%. For a company that has achieved earnings per share growth of over 40% .

Yes, it's a bargain . So, you know, when I talk about this kind of stock, I think if Buffett were a few decades younger, he would have invested heavily in it. It makes perfect sense for him to do so, does n't it?

And it clearly shows that this is a real buying opportunity, doesn't it?

So, right now , this position is worth about $136,000 in the general account . I need to increase it to a quarter of a million dollars or more, in terms of the size of this position.

I need to make it a large position in the general account, a very large one, right? This is n't large enough. So, I want the price of this stock to stay low in the short term, and I'd like to increase this position significantly from where it is now, right ?

Now, let me address another point regarding this stock because I've seen some people saying things like, "Jeremy, this is the next PayPal."

In contrast, Netflix's competitors are quite weak. When we talk about Netflix, we're talking about competing in the premium professional content space , right? So, if you look at the major professional companies that compete with it , they're all in a much weaker position compared to Netflix.

That's a huge difference, isn't it? We're talking about Netflix's profit margins, how it manages its business model, its financials, its balance sheet —it's comparable to companies burdened with debt, isn't it?

That's a big difference between, you know, someone offering a product similar to yours, like PayPal, having to compete with Apple and Google, right?

So, yes, this is not new. This has been the case for a long time, ever since we started using smartphones. As you know, there is fierce competition. But this also gives Netflix a great opportunity , because now people can watch content whenever they want , right?

Therefore, when I look at the movies, I see a company in a position of strength, not in a position of weakness like PayPal. All this money and cash flow that Netflix generates makes it stronger, because it can produce more content that will generate more money for it , right?

Some of this content will be from successful programs, and some of it will be from programs that fail, and that is normal. That's how content creation works. But also, when... speaking of buying sports broadcasting rights, they will be able to do so if they want to expand more and more in buying these rights over the next five to ten years .

This will greatly help in growing their advertising business. It's still too early for the company regarding sports broadcasting rights , isn't it? So, yes, it's a great company, and an excellent buying opportunity right now in my opinion, and definitely a stock I'd like to buy more of for a while, okay?