Joshua - many thanks for your comment. I would agree with you that Peter did focus a lot on earnings growth and as you accurately highlight Facebook is growing faster than Apple. However Peter was also very disciplined around the price paid VS value received and used to talk to us a lot about trying to find value where others were not looking - Chrysler's turnaround which he has also covered in his books, used to be one of his favourite examples. As regards fast growers Peter believed in looking for those which had the potential to 10 bag on him (to compensate for the risk that a number of them do flame out). Facebook is a fast grower (and as you would note we have been loyal investors since IPO and from the lows it is up nearly 7x). however for it to even 3x from here would make it one of the first trillion$ market cap stocks out there (and incidentally approximating to Australia's 2016 GDP of $1.27 trillion). The market share, revenues, earnings and cash flow all that would imply seem a bit far fetched based on what we know today espeically in light of a more unfavourable regulatory regime which I foresee. On Apple, as an aside, I find it interesting that recently a great value investor like Warren Buffet has also disclosed it as one of his top holdings. I hope the above helps in giving some context of my thoughts

On What Peter Lynch taught me about Facebook -