 Good day, film investors! If you are a long subscriber to the channel, you know that I have been following Facebook publicly, even invested in Facebook when it was 170, then bought more when it went to 136, I think, and then sold everything at 200. And I still keep following Facebook, keep looking at it, but as we also have a small Facebook group, Stock Market for Modern Value Investors, I see also Facebook from behind the scenes. And this is where what they report as numbers, as growth, as user growth really does not fit well with what I see going on on Facebook. And a lot of fake numbers there that might compromise Facebook's position from a mode perspective, from attractiveness of advertisement, etc. It's really difficult to manage what Facebook is managing. It's a great business, great people, the best engineers there, the best programmers, really testing everything, working hard to test and that. But I, as a value investor, I need a margin of safety. I need more and more, let's say, bottom line certainty, not the upside. Upside, I let, okay, whatever happens, if the environment is positive, that upside will be good. If not, there will be less upside. But I'm focusing on the downside, which means the social media life cycle is something we have to look. And I'll give you really behind the scenes, how does managing a Facebook group, Instagram account work, and how much fake there is. I think it will give you a good perspective on what's going on. And perhaps in the long term, we'll see how that evolves. Let's start with overview of what Facebook is selling, the investment thesis, and then what I see from behind the scenes. So Facebook, daily active users, monthly active users, growing strong. This is what Facebook shows at every earnings conference call. This translates into higher and higher revenues as advertisers are attracted to more and more people, more and more engagements, more and more tools to follow, to do better and better advertisement. And the average revenue per user is going as there is more and more interest. However, each social media has its life cycle from introduction, growth, majority, and then the inevitable decline. Where I see the inevitable decline coming for Facebook is within the fake accounts that are actually represented here. Facebook doesn't really control for fake accounts. And I'll show you in practice how does that look like. Okay, so this is the small stock market group we have for modern value investors. It has 2,367 members. And okay, 10 people want to join this group. And now, okay, Jan Mills, this is public data, 2007, 15 groups. So this looks like a legit request. Gary Hart, okay, legit request, that's to Jigar Mehta, okay, 2006 accounts, legit requests, 44 groups, okay, in 2009. Okay, those are all, let's say 1, 2, 3, 4 legit accounts out of the 10. Marvin J. Farmer, binary option trades, 49 groups, all option trading and traders, etc. This is a fake, this is a scam account. That's one. Jenny Wong, yes, seven groups, 2018. This is another fake account, probably some spam. Abba Khabibu Yakuru, also very famous value investor, joined a few days ago, 47 groups, Bitcoin, ICOs, fake, Salisu Aliyu, 10 groups, stock market tips, joined also a few months ago. Fatima Ula-Isach, joined a few months ago, Bitcoin, Bitcoin, Bitcoin and Lawson Jack, no public details, also joined a few years ago, but probably usually also selling something, so I don't know. So out of 10 requests here, I see that six are fake accounts, which really tells me how, okay, Facebook, yes, it's growing, but there is so much fake and I know to have days that I have 10 requests, 20 requests and only one or two of those requests is legit and there are all kinds of accounts, there are all kinds and if you block one, then you block tens of them that are related to those accounts. So this is really, really a concern because it's clear that those growth numbers that Facebook is showing are fake and then if we go on Instagram, I recently had a situation where someone made four or five accounts with my name, similar accounts that have my name, he just put a line next to it and they were following all the followers that follow me and then they were messaging them with selling some Bitcoins or things like that. You see here an account created zero posts with my name and my picture, that was stolen and that was fake. Okay, I reported it, they canceled it, but it's so easy to increase the number of users and Facebook is not really open and saying about how they deal with that because there is the revenue growth, there is the user's growth, that is a great selling point and I think they should disclose this better because it's clear that these numbers are fake, a lot of scammers there and when there is so much scamming, the group and everything doesn't become, doesn't remain attractive and people simply go for something else and that's the decline of social media platforms. So all that we have discussed, questions really the mode Facebook has, how long it can endure? I have no visibility whether in five to ten years we now see TikTok exploding, we have seen Snapchat doing really good and threatening Facebook. So I don't know where Facebook will be in the next five to ten years, which really is on the borderline or whether this is a value investment or not. How much money will Facebook have to spend to protect its position, to protect its mode? Yes, there is a lot of people but I don't trust in the growth and when a social media platform starts declining, those growth numbers I think are fake, the active of real users is declining. That's a given because I see so many fake accounts on Instagram, on Facebook that and they are not protecting, they are not telling me oh this is a fake account, if I don't block them permanently they simply come back, come back and come back. So that's something very different from, for example, YouTube. If somebody posts spam content on YouTube, the algorithm pushes this to me, I say it's spam and then I never see again that person, they never come back and YouTube simply filters those things much, much better than Facebook. It's also a different kind of platform but we will see which one will see declines or not. So perhaps if you want to invest in platforms, perhaps Google's YouTube is better than Facebook. We'll see, it's a lot of unchartered territory for me so I just wanted to share this behind the scenes. Little piece of information, I don't know what will be the impact on Facebook, on stock, on the business over the long term but it's fake. I simply can't invest in something that's based on fake numbers. Of course 2.5 billion or let's say 2 billion real doesn't really make a difference but the half a billion of fake accounts really deters me from continuing to really focusing on this as a potential investment. Thank you for watching, looking forward to the comments. What is your opinion of this? This is a very, very hot topic especially if you're a Facebook investor so please share that in the comments and if you have received value from this please subscribe. If you want to see my other analysis of all the stocks that I own in a portfolio please check my stock market research platform. The link is in the description below. Thank you and I'll see you in the next video.