$Netflix(NFLX.US) I've cut half of my position. Let me explain my logic, rational discussion only, no offense intended.

1. With a forward P/E of 20-30x, the price in 2026 would be $64-96. The current price is still slightly high (don't mention previous highs, we're just talking about normal P/E calculations here).

2. If the acquisition succeeds, it will face massive debt and upcoming antitrust regulations! The stock price might still fall - I'd say it's 50-50 between falling and rising sharply.

3. If the acquisition fails, there's an 80% chance the current price of $93 will continue to decline.

Considering these three points, I think this might be an opportunity for mean reversion. There's a significant probability the price will reach the $70+ to $80+ range. And the $75-85 price range would be quite attractive regardless of whether the acquisition succeeds. Therefore, I've chosen to cut half my position first to wait and see.