Facebook is the top holding of two of my best performing managers this year. It is about 10% of Tony Mitchell's Internet Fund , and it's 16.37% of Robert Frazier's Medium Term Value Fund . In contrast, Facebook is justRobert Frazier last purchased Facebook this past November when it was trading at $133 after taking the blame from all sides for the outcome of the mid-term elections. Today it's at $190 for a better than 40% gain in six months.
The Federal Trade Commission has been investigating whether Cambridge Analytica had improper access to the data on 87 million Facebook users. The investigation, which began in March 2018, is likely to result in a fine of between $3 and $5 billion. Facebook has already taken a $3 billion one-time charge in anticipation of this. That they can do this is testimony to the strength of their business.
While you don’t often see a great performance like AMD had in 2018 followed by another great performance in the following year, there is a good reason to believe history can repeat itself with AMD. Believe it or not, it's happening again. In March, Intel revealed its CPUs were vulnerable to another attack calledThis time around the researchers who discovered Spoiler tested AMD processors and found them to be immune. Consequently, Spoiler will give AMD an advantage over Intel. The question now is how big is AMD's advantage and will it last long enough for them to gain significant market share.
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