One of the things about working in markets, is that you spend a lot of your time being wrong. This can be difficult to accept for many people who, by their nature, want to be right or have been told they are right. Markets don't care much for your opinion of yourself. The ability to not to lose much WHEN you are wrong is the key to longevity in investing rather than trying to not be wrong. We wrote a bear case the other week on Netflix as to why investors can't have their cake and eat it too: growth plus good freecash flow were not compatible. Investors greeted with jubilation (relief?) the results last week that showed growth in international subscribers had continued. But digging deeper in this blog, we show why the results are not as pretty and why good trade structuring is so important. (VIEW LINK)