BUY NFLX @ $371.21

Buying NFLX @ $371.21

2% position

They say not to catch a falling knife, but gosh is it tempting. I'll let myself buy a small slice of the cratering Netflix stock - down from somewhere near $525 before earnings to today's level - just about 30% down.

Is Netflix a screaming buy? No! It made about $11/share of earnings - which means it trades well north of 30x P/E. Not cheap. Growth is slowing and perhaps over. But this isn't Uber or some other wild, unprofitable company. Netflix could stop spending so much on content and forget growth to just milk those of us who watch it every day. Sure, raising prices could lose users. But to what extent?

If Netflix gets down to a market multiple, I'll buy aggressively. For now, this is a falling knife that I hope doesn't cut me.