Some of what I think are the most interesting Internet stocks (over/undervalued) on an EV/EBITDA/Growth basis (make your own assumptions about growth):
I understand/agree with Whitney Tilson's short thesis, but it is a structural, medium-term thesis that is not going to play out over the next quarter or two. It will play out as soon as NFLX starts signing content deals that hurt margins or subscriber growth starts slowing down, but as are evidenced by my chart above and the company's margin chart in today's release, neither of those events appears to be on the immediate horizon. Margins still improving, sub growth still accelerating. Relative to its (revenue, cash flow) growth rate, Netflix is still cheap if anything. It does not make sense to be short Netflix here.
Disclosure: I wish I was still long Netflix.
Disclosure II: I am currently seeking a buy-side Equities Analyst position. Very happy in current HF analyst position, but due to practical factors need to look at other opportunities.