Portfolio Analysis: / /

Report of Micro/Macro/Non-economic Factors and Conclusions in Three Media Companies

Basic Information
Fund $99,776.66
Stock Value $96,407.32
Gain/Loss -$3,369.34
Term 9/14/2021~11/16/2021
Industry Social Media, Streaming Media
Target Company Meta Platforms (Meta), Disney, and Netflix
Length of Report 5625 words
Table 1: The basic information about the portfolio.

Introduction
The report goes into depth on the causes for the fluctuation in the value of the
firms in my portfolio during the term. The report includes the following elements: an
overview of the company value; analysis of micro/macro/non-economic factors that
impacted the companies; conclusions about financial management.

Overview of the Investments and the Value Changes

The following table 2 shows the original investment in the stock of Meta,
Disney, and Netflix. This report will show the weekly changes in price per share and
percent change. Also, the report will demonstrate my total return and equities total.
Moreover, I use the scatter diagram to show the changes in individual shares over
time. I set the maximum and minimum price of each stock as the boundary and then
drew the average line (gray color) to explain the stock trend.
Date Company Symbol Price/share # of Shares Investment Proportion
9/14/2021 Meta
Facebook FB $376.53 106 $39,912.18 40.00%
9/14/2021 Disney DIS $182.40 192 $35,020.80 35.10%
9/14/2021 Netflix NFLX $577.76 43 $24,843.68 24.90%

TOTAL $99,776.66

Table 2: The spreadsheet of investment.

1
 My initial investment in Meta was $39,912.18 (106 shares at $376.53 per share).
So far, I have lost $3,558.42 (-8.91%), and my total investment has decreased from
$39,912.18 to $36,353.76. The loss was $3,558.42, or 3.5 percent of the total
investment of $99,776.66.
Price Percent Change Total Return Equities Total
09/14 $376.53 0 0 $39,912.18
09/20 $352.96 -6.25% -$2,498.42 $37,413.76
09/27 $343.01 -2.82% -$3,553.12 $36,359.06
10/04 $330.05 -3.78% -$4,926.88 $34,985.30
10/11 $324.76 -1.60% -$5,487.62 $34,424.56
10/18 $324.61 -0.05% -$5,503.52 $34,408.66
10/25 $323.57 -0.32% -$5,613.76 $34,298.42
11/01 $341.13 +5.43% -$3,752.40 $36,159.78
11/08 $340.89 -0.07% -$3,777.84 $36,134.34
11/15 $342.96 +0.60% -$3,558.42 $36,353.76
Total -8.91% -$3,558.42 $36,353.76
Table 3: The spreadsheet of investments and value changes in Meta.

Figure 1: Meta's weekly stock price during the term.

$376.53
$373.57

$363.57

$352.96
$353.57

$342.96
$343.57 $341.13 $340.89
$343.01

$333.57

$330.05 $324.76 $324.61

$323.57
$323.57

2
 My initial investment in Disney was $35,020.80 (192 shares at $182.40 per
share). So far, I have lost $4,525.44 (-12.92%) and my total investment have
decreased from $35,020.80 to $30,495.36. The loss was $4,525.44, or 4.5 percent of
the total investment of $99,776.66.
Price Percent Change Total Return Equities Total
09/14 $182.40 0 0 $35,020.80
09/20 $176.00 -3.50% -$1,228.80 $33,792.00
09/27 $176.01 +0.01% -$1,226.88 $33,793.92
10/04 $176.74 +0.41% -$1,086.72 $33,934.08
10/11 $176.46 -0.16% -$1,140.48 $33,880.32
10/18 $169.42 -3.99% -$2,492.16 $32,528.64
10/25 $169.07 -0.21% -$2,559.36 $32,461.44
11/01 $175.63 +3.88% -$1,299.84 $33,720.96
11/08 $159.63 -9.11% -$4,371.84 $30,648.96
11/15 $158.83 -0.50% -$4,525.44 $30,495.36
Total -12.92% -$4,525.44 $30,495.36
Table 4: The spreadsheet of investments and value changes in Disney.

Figure 2: Disney's weekly stock price during the term.

$182.40

$178.53
$176.74 $176.46
$175.63
$176.00 $176.01
$173.53

$168.53 $169.42 $169.07

$163.53

$159.63 $158.83
$158.53

3
 My initial investment in Netflix was $24,843.68 (43 shares at $577.76 per share).
So far, I have gained $4,714.52 (+18.97%), and my total investment has increased
from $24,843.68 to $29,558.20. The gain was $4,714.52, or 4.7 percent of the total
investment of $99,776.66.
Price Percent Change Total Return Equities Total
09/14 $577.76 0 0 $24,843.68
09/20 $592.39 +2.53% +$629.09 $25,472.77
09/27 $613.15 +3.50% +$1,521.77 $26,365.45
10/04 $632.66 +3.18% +$2,360.70 $27,204.38
10/11 $628.29 -0.69% +$2,172.79 $27,016.47
10/18 $664.78 +5.81% +$3,741.86 $28,585.54
10/25 $690.31 +3.84% +$4,839.65 $29,683.33
11/01 $645.72 -6.46% +$2,922.28 $27,765.96
11/08 $682.61 +5.71% +$4,508.55 $29,352.23
11/15 $687.40 +0.70% +$4,714.52 $29,558.20
Total +18.97% +$4,714.52 $29,558.20
Table 5: The spreadsheet of investments and value changes in Netflix.

Figure 3: Netflix's weekly stock price during the term.

$687.76 $690.31
$687.40
$677.76 $682.61
$667.76 $664.78

$657.76
$647.76
$637.76 $632.66 $645.72

$627.76
$628.29
$617.76
$613.15
$607.76
$597.76
$592.39
$587.76
$577.76
$577.76

4
Overview
Figure 4 shows the growth and decline slopes of the three stocks during the term.
The blue color represents Meta; the black color represents Disney; the red color
represents Netflix. Netflix was growing in a positive direction, Meta and Disney were
growing negatively. Netflix has the steepest positive slope. On the contrary, Disney
has the highest negative slope.
Figure 4: The growth or decline slope of individual stocks.

(-12.92%)
Price

(-8.91%)

(+18.97%)

Time

The following table 6 shows the gain and loss of each stock. Netflix has
outperformed Meta and Disney, even though only 24% of my funds were invested in
Netflix.
Company Gain/Loss Percentage
Meta -$3,558.42 -8.91%
Disney -$4,525.44 -12.92%
Netflix +$4,714.52 +18.97%
Table 6: The spreadsheet of investments and value changes in Meta, Disney, and
Netflix.

5
 Micro-Economic Factors
I'll show a candlestick chart of each company to give an early overview of the
stock price. Then, I will try to use quarterly reports and news to explain how the
micro-economic factors affect a company's stock price.

Figure 5: Meta's weekly stock price during the term.

380

370

360
-6.25%
350
-2.82%
-0.07% +0.60%
340
-3.78% +5.43%
330
-1.60% -0.05%
-0.32%
320

310

300
13-Sep 20-Sep 27-Sep 4-Oct 11-Oct 18-Oct 25-Oct 1-Nov 8-Nov 15-Nov

Quarterly Report
Changes in financial statements are also one of the Micro-economic factors
affecting whether shareholders invest or not in the future. Below are Meta's third-
quarter financial statements that ended September 30, 2021, including year-over-year
(YOY) changes and the profit overview. Johnston (2021) summed up whether Meta's
quarterly results met analysts' expectations. Although Meta's earnings per share (EPS)
met the prediction, the revenue failed. However, an EPS estimate of $16.01 in FY
2022 and a P/E multiple of 25.1x in fiscal 2021. The PE ratio translates into a price of
$402, which is 18% above the current market price of around $341 (Trefis, 2021).
Metric Beat/Miss/Match Reported Value Analysts' Prediction
EPS Beat $3.22 $3.19
Revenue Miss $29 billion $29.5 billion
Monthly Active Users Match 2.9 billion 2.9 billion
Table 7: Meta's quarterly report vs. analysts' prediction (Johnston, 2021).
6
 Meta reported third-quarter 2021 results at 16:05 ET on Oct 25, 2021. Since the
market closed at 4:00 p.m. on Oct. 25, the stock price will be reflected on the
following day, Oct. 26. On Oct. 26, Meta's share price was $315.81, down 3.92
percent from $328.69 the day before. Despite the quarterly growth, shareholders were
not convinced. Maybe shareholders weren't satisfied with this quarter's earnings that
missed expectations. As far as I am concerned, I am quite happy with the current
situation and agree that Meta will rise another 18%. The more the stock goes down,
the better I can buy it at a lower price, but I still have to track the financial report.
Metric Amount YOY
Total Revenue $29.01 billion 35%
Total Expense $18.58 billion 38%
Income $10.42 billion 30%
Facebook Daily active users 1.93 billion +6%
Facebook Monthly active users 2.91 billion +6%
Family Daily active people 2.81 billion +11%
Family monthly active people 3.58 billion +12%
Table 8: YOY changes in Meta (Facebook, 2021).

News
Table 8 displays the weekly news of Meta and tries to explain (thoughts) the
changes in the share price.
Week Type News Description / My Thoughts % Chg
Facebook has announced the addition of two
additional Portal video-calling devices to its lineup
(Heath, 2021). Facebook has added two new designs
Technical to its Portal series: families video chatting and
Upgrade business service. The Portal looks just like Facetime.
9/20 As Facebook is used by older people, those who do -6.25%
not use IOS are targeted and easier to use than
Facetime.
Andrew Bosworth, Meta's head of augmented reality
Structural
and virtual reality, has been named CTO (Palladino,
Change
2021). CVO by VR and AR professionals shows that
7
 Meta is putting more emphasis on technology in this
area.
Meta explained content it demoted in the news feed in
a bid for transparency (Dang, 2021). According to a
WSJ story, Facebook's news feed material promotes
sensationalism, and in an effort to be more
Value
transparent, Meta has revealed its process for deciding
Change
which information to demote in people's news feeds.
Such Revelations could damage Meta's credibility and
lead to more people believing that Meta is harming
people.
Facebook invested $50 million to build the Metaverse
responsibly (Meta, 2021a). Meta will work with
wellness and safety partners to develop youth digital
Investment
literacy programs. This is good for reputation and
allows users to improve the perception of Meta's
damage to younger users.
Meta pausing 'Instagram Kids' and building parental
9/27 -2.82%
Solving supervision tools (Mosseri, 2021). This behavior
Problem builds Meta's reputation and tells users what they care
about.
Meta launched Reels on Facebook in the US (Meta,
New 2021b). The Reel is a feature similar to the way that
Feature TikTok releases the videos. This feature can make
users be more addicted to Facebook.
Facebook suffered a major outage (Duffy & Lyngaas,
2021). Facebook, WhatsApp, and Instagram went
down for six hours. This was a strong blow to users.
System Advertisers lost their advertising opportunities on this
10/4 -3.78%
Problem day. People who used Facebook for work were also
unable to work. The outage left many shareholders
distrustful of the company. Shares fell 4.89% on
October 4.
8
 The Facebook-backed group launched a
New misinformation adjudication panel in Australia (Kaye,
Launch 2021). Tech giants need to do more to combat
misinformation.
Facebook planned to create 10,000 jobs in the EU to
build its vision for Metaverse (Browne, 2021). This
shows Meta's desire for Metaverse's ambitions. Mark
Expansion Zuckerberg wanted to build the digital worlds that
people can interact within a 3D environment (Browne,
2021). I'm interested in this ambition and will try to
use the 3D device once it comes out.
Facebook said it would add new safety features for
10/11 teens on Instagram after the bombshell whistleblower -1.60%
Solving
leaked (Subin, 2021b). This is a good opportunity for
Problem
Meta to confront the validity of information on
children's education and reception.
Facebook launched an 'Audio' hub in the US (Perez,
2021). Meta is trying to integrate all social media
New
features into Facebook. This will keep Facebook users
Feature
more engaged and attract more people to create
Facebook accounts.
Facebook launched NOVI digital wallet for
cryptocurrencies (Akolkar, 2021). Not only did Meta
New dominate social media, but it also expanded into
Launch financial services, making it easier for Meta users to
conduct transactions online. Cryptocurrencies are also
10/18 a trend for 2021. That's good news for investors. -0.05%
Following a probe into its acquisition of GIF-maker
Giphy, Meta was hit with a £50.5 million punishment
Fine for failing to comply with an original enforcement
order (O'Dea, 2021). Meta should not be tarnishing its
own reputation.

9
 Mark Zuckerberg introduced Meta, which brings
together Facebook family apps and technologies under
one new company brand. (Meta, 2021c). Such a big
change could help revamp Facebook to distract
Structural Facebook Papers. This isn't like Netflix renaming its
10/25 -0.32%
Change DVD service Qwikster. The name change of Facebook
is a general concept and direction. The Meta name
implies that Facebook is moving towards full bits.
That would confirm Facebook's ambitions in the
online world.
Meta shut down the Face Recognition system and
deleted data on Facebook (Pesenti, 2021). Facebook
once identified a human face as a primate in the act of
extreme racism. To be honest, I don't like face
Technical
11/01 recognition. I was once failed by a system that asked +5.43%
Update
me if a stranger's face was mine. And facial
recognition would reveal my whereabouts and give me
no sense of privacy. It's a good move to disable face
recognition.
Meta placed new restrictions on ad targeting with
Improve content related to health, race, and other sensitive
ment areas (Duffy, 2021). This shows that Meta is
improving its responsibility to users.
11/08 Microsoft partnered with Meta to integrate Teams into -0.07%
its Facebook-like Workplace (Warren, 2021). Team
Technical
has been used by many people during the pandemic,
Upgrade
and this partnership will make it easier for Facebook
users to link to Teams.
Meta matched up to $8 million in donations to assist
more than 1.5 million organizations on Facebook
11/15 Building +0.60%
(Sandberg, 2021). Such acts of kindness can enhance
Meta's reputation.
Table 9: Meta's weekly important news with my thoughts.
10
 Figure 6: Disney's weekly stock price during the term.
190

180
-3.50%
+0.01% +0.41% -0.16%

+3.88%
-3.99%
170 -0.21% -9.11%

160 -0.50%

150
13-Sep 20-Sep 27-Sep 4-Oct 11-Oct 18-Oct 25-Oct 1-Nov 8-Nov 15-Nov

Quarterly Report
November 10, Disney reported fourth-quarter and full-year earnings for the fiscal
ended August 10, 2021. Disney missed Wall Street estimates on EPS, revenue, and
Disney+ subscriber estimate, sending the stock down on November 11 (Bursztynsky
& Whitten, 2021). Wall Street had expected Disney+ subscribers to reach 126.2
million subscribers this quarter, but Disney only reached 118.1 million (Spangler &
Lang, 2021). Disney reported fiscal fourth-quarter earnings on November 10 after-
the-bell, the quarterly report reflected on the stock price on November 11. Disney's
stock close price on November 11 fell 7.07%.
Metric Beat/Miss/Match Reported Value Analysts' Prediction
EPS Miss $37 cents $51 cents
Revenue Miss $18.53 billion $18.79 billion
Disney+ subscriber Miss 118.1 billion 126.2 billion
Table 10: Disney's quarterly report vs. analysts' prediction (Johnston, 2021).

The table below includes year-over-year (YOY) changes and the profit overview.
This quarter should be a growth compared to last year when the pandemic was severe.
But the lower EPS has a serious impact on whether I should continue to invest in
Disney. Share price on November 10th earned 37 cents, giving it a price-earnings ratio
of 471. It would take me 471 years to earn back my investment in Disney.
11
 Metric Amount YOY
Total Revenue $18.53 billion 26%
Total Expense $16.94 billion 20.14%
Income $1.58 billion >100%
EPS $37 cents -35%
Table 11: YOY changes in Disney (Disney, 2021).

News
Week Type News Description / My Thoughts % Chg
Walt Disney World is celebrating its 50th anniversary;
new attractions, products, and fresh new styles for the
parks and their characters will be introduced at Disney
Exposure
World. (FOX 35, 2021a). The news reminds investors
of Disney's credentials and creates a new impression
09/20 for them. -3.50%
Shang-Chi started streaming on November 12th as
part of Disney Plus Day (Campbell, 2021). Since
Product
Shang-Chi is the highest-grossing domestic release of
Exposure
2021 (Whitten, 2021), I think putting Shang-Chi on
Disney+ will attract people to subscribe.
In a legal disagreement about streaming-era
remuneration for the superhero movie "Black
Widow," Scarlett Johansson and Walt Disney Studios
09/27 Lawsuit +0.01%
reached an agreement on Thursday. The settlement is
important to investors because the company's
reputation is at stake.
Amazon and Disney announced a custom voice
assistant called Hey Disney in Disney amusement park
New
10/04 (Faulkner, 2021). Such new features could attract +0.41%
Feature
more visitors to Disneyland. Also, let the investment
object will use the technology of Disney's creativity.

12
 Black Widow was available on Disney+. Such news
could restore investors' trust in Disney, which has
confirmed a settlement with Johansson.
Chappelle's talk show The Closer, released by Netflix
on Oct. 5, immediately drew ire for his remarks
mocking transgender people (Paris, 2021).
Product
Apparently, Netflix should put more effort into
Problem
censoring content because such ridicule may lose
subscribers and may make society more
disharmonious.
Alan Horn, a top creative executive, is the latest high-
ranking Disney departure (Barnes, 2021). Although
Horn is retiring, Disney needs to give the audience an
explanation so that the Disney style can continue.
Manage
10/11 Disney is developing a movie about Walt Disney and -0.16%
ment
Disneyland (Palmer, 2021). It may be a film to
celebrate Disney's 50th anniversary, but also to give
investors a better understanding of Disney's
background.
Disney announced delays for its 2022 Marvel films
Product (Paige, 2021). The Marvel website did not tell the
10/18 -3.99%
Problem reason, which would cause investors to be skeptical of
Disney and lower EPS estimates.
Disney raises prices for California theme park tickets
(Manfredi, 2021). Higher costs may lead to higher
10/25 Earnings revenues, but they also lead to lower visitors. Raising -0.21%
ticket prices is also a way for investors to cast doubt
on Disney's operations.
Christmas arrives at Walt Disney World (FOX 35,
2021b). Disney welcomes the most popular festivals.
11/01 Attraction The release of such information can attract more +3.88%
visitors to the amusement park. Disney shows it's
confident in keeping guests safe through Christmas.
13
 Disney kicks off tony drive with a $500,000 donation
Reputa
for Tots (ABC 13, 2021). This is Christmas publicity
tion
marketing.
Disney returns to profit in 4Q, but streaming gains
11/08 Report slow (Arbel, 2021). I think it is the biggest reason for -9.11%
the decline of stock prices.
By the end of the week, Disney had produced four of
the top ten films at the box office in America (Box
Box
Office Mojo, n.d.). Disney can still make interesting
movies to attract people.
Disney pauses COVID-19 vaccine mandate amid
11/15 -0.50%
Florida's crackdown (Rice, 2021). On the other hand,
Manage Disney Cruise Line will require all passengers ages
ment five and older to be fully vaccinated (Yeginsu, 2021).
I can tell Disney complies with the law and also
values people's health and safety.
Table 12: Disney's weekly important news with my thoughts.

14
 Figure 7: Netflix's weekly stock price during the term.

690
+0.70%
680
+3.84%
670 -6.46% +5.71%
660
650 +5.81%
640
630 -0.69%

620 +3.18%

610
600 +3.50%

590 +2.53%
580
570
13-Sep 20-Sep 27-Sep 4-Oct 11-Oct 18-Oct 25-Oct 1-Nov 8-Nov 15-Nov

Quarterly Report
What a beautiful transcript! While revenue was slightly below expectations,
earnings per share and subscriptions beat forecasts. Netflix shares dipped about 1%
after-the-bell on October 19 after the company posted third-quarter results, showing
investors the streamer can continue to attract new subscribers (Bursztynsky, 2021). I
take this analysis to mean that the stock is only down 1%, which means investors
aren't disappointed in Netflix. The next day, October 20, the share price fell by just
2.17 percent. But by October 21, the share price had risen 4.48 percent. The results
didn't look like Disney had hit rock bottom. Not like Disney, which fell 7.07 percent.
Metric Beat/Miss/Match Reported Value Analysts' Prediction
EPS Beat $3.19 $2.56
Revenue Miss/Match $7.48 billion $7.5 billion
Global Subscriber Beat 214 million 212.9 million
Table 13: Netflix's quarterly report vs. analysts' prediction (Johnston, 2021a).

The table below includes year-over-year (YOY) changes. Most notable is the
increase in subscribers, unlike Disney, which just gained 1.8% subscribers over the
same period last year. "There is no better example of this than Squid Game," Netflix

15
said in its letter to investors on Tuesday (Pallotta, 2021). I can tell Squid Game did
attract a lot of subscribers.
Metric Amount YOY
Total Revenue $7.48 billion 16.3%
Total Expense $6.04 billion 6.9%
Income $1.44 billion 82%
EPS $3.19 83%
Global Subscriber 214 million 9.6%
Table 14: YOY changes in Netflix (Netflix, 2021).

News
Week Type News Description / My Thoughts % Chg
Britney Spears' conservatorship to be explored in new
Netflix documentary (Ibrahim, 2021). Making a
documentary on Blaney's topic is a good idea for
Marketing
marketing. Not only does it attract people to Netflix,
but it also gives Netflix a reputation for taking the
issue seriously.
Netflix won 44 Emmy awards this year (Solsman,
09/20 +2.53%
2021). Winning the award will certainly boost
Awards
Netflix's investor assessment of the company's
capabilities.
Netflix launched a free plan that allows people to
enjoy Netflix ad-free on Android mobile phones in
Expansion
Kenya (Conk, 2021). This proves that Netflix wants to
expand the map.
Netflix launched new mobile games in Poland, Italy,
New and Spain as a members-only perk (Perez, 2021a).
Feature Netflix has more to expand than just movies. Ad-free
09/27 +3.50%
games can also be used to attract more people to join.
Product Squid Game became the most-watched show in
Success Netflix's history in any language (Oh, 2021). This

16
 news proves that Netflix can make movies that the
world loves, convincing investors of its ability.
Netflix edited Squid Game after a woman was
bombarded with prank calls (Kwon & Guy, 2021).
Product
10/04 This is a good example of how popular the Squid +3.18%
Problem
Game is, but the company should pay more attention
to the use of phone numbers.
Netflix estimated Squid Game would be worth almost
Product $900 million (Shaw, 2021). If there is a second season
10/11 -0.69%
Value of the Squid Game, it may be able to attract more
value and produce more income.
Q3 Netflix reported a fantastic quarterly financial report
10/18 +5.81%
Report and praised Squid Game.
10/25 +3.84%
11/01 -6.46%
Netflix was considering a second season for "Squid
Product
11/08 Game (Whitten, 2021b). The news gave investors +5.71%
News
hope for Netflix's future.
11/15 +0.70%
Table 15: Netflix's weekly important news with my thoughts.

17
 Macro-Economic Factors
I've invested in three companies: Facebook, Disney, and Netflix. I will list the
status of the economy, pandemic, and media during the term. Finally, I will try to
analyze the impact of these three aspects on the three companies.

Financial Status
Figure 8: "Economy" interest during the term (Google, n.d.-a).
○ 9/22 10/27○ ○11/8
○ 10/6 ○10/14

Date Type Description

US economy continues to strengthen despite Delta, says Fed.
Inflation is running at 5.3%, and it's the highest in nearly 13
9/22 Fed years. It comes amid surging consumer demand, rising energy
prices, and supply chain-related shortages. Source: (Thomas,
2021).
Executives are feeling less (65%) optimistic about the economy
10/6 Index
than they were in March (73 to 79%). Source: (Fine, 2021).
Five million workers are still missing from U.S. payrolls
10/14 HR compared with the pre-pandemic peak. Source: (Daurat & Scott,
2021).
Between July and September, America's economy grew at the
Growth slowest pace since the recovery began — an annualized rate of
10/27
Recession 2.7% — and a massive step down from the 6.7% rate in the
spring. Source: (Tappe, 2021).
The House passed the $1.2 trillion infrastructure investment and
jobs act, also known as the Build Back Better plan. But this plan
11/8 Act
might exacerbate inflation and slow economic growth. Source:
(Millsap, 2021).
Table 16: "Economy" interest during the term
18
Pandemic Status
Figure 9: "Pandemic" interest during the term (Google, n.d.-c).
○ 9/20 ○ 10/14 ○
11/5

Date Type Description

The US death toll from Covid-19 just surpassed that of the 1918
9/20 Statistic
flu pandemic. Source: (Yan, 2021).
Jobless claims fell below 300,000 for the first time since the
10/14 HR
pandemic began. Source: (Cox, 2021).
Top health expert declares 'the end of the pandemic' is now in
11/5 Hope
sight. Source: (Guzman, 2021).
Table 17: "Pandemic" interest during the term

Media Status
Figure 10: "Media" interest during the term (Google, n.d.-b).
○ 10/4
○ 10/21

Date Type Description

Facebook experienced its worst outage since 2008. Instagram
10/4 Influence and WhatsApp were also down, as were YouTube and Snapchat
at various points in the afternoon. Source: (Suciu, 2021).
One of Trump Media & Technology Group's proposed business
New
10/21 ventures is a new social media outlet called Truth Social.
Impact
Source: (Shafer, 2021).
Table 18: "Media" interest during the term

19
Analysis
I used Google Trends above to find out what topics people were discussing about
the economy, pandemic, and media during the term.
On the economy front, the economy grew at the slowest pace during July and
September. The executives are also feeling less optimistic about the economy. One of
the reasons is likely that inflation has reached a 13-year high of 5.3%. Under such
circumstances, people don't want to hold their own currency; they want to hold real
assets or other currencies. Whether it is real estate, stocks, stock funds, gold, or silver,
assets can maintain their value under inflation; because the value of money decreases,
not the value of physical assets. Thus, people could invest more money in the stock
market to keep the value. But for executives, may have to pay higher wages to keep
up with inflation. There are also holes in human resources. Five million workers are
still out of work. High unemployment is seen as an indicator of lagging economic
activity. The economy is bound to suffer when the unemployed have no wages,
meaning no purchasing power. But the unemployment rate today (4.6%) is much
better than last April (14.8%). To stimulate the economy, Biden passed the $1.2
trillion plan called Build Back Better. Although the plan focuses on infrastructure, it
is also aimed at helping the economy as a whole. SPDR S&P 500 ETF Trust rose
0.96%, and Nasdaq Composite Index rose 1.39% after the announcement.
If the unemployment rate is high and people are out of work for a long time, they
can't afford to pay their monthly subscriptions to Netflix and Disney. If people don't
continue to earn money, ads on Facebook don't work for them.
In the case of the pandemic, the death toll has been increasing. In July, there
were an average of 300 deaths a day, but there were 1,200 a day in November.
Experts also say the outbreak does not seem to be going away and could lead to
annual booster vaccinations. The economic impact of the pandemic has been
dramatic, but I believe people will continue to find ways to live with it.
Although the pandemic has made people more dependent on the Internet, it has
also made people less likely to be employed. In the short term, before the pandemic
ends, people will watch more streaming media like Disney+ and Netflix and use
Facebook for work. But in the long run, the pandemic will drag down the economy.
Governments need to prop up the economy and inject money to help industries, but
printing money will lead to inflation.

20
 At the media level, the Facebook crash affected the entire social media
ecosystem. Moreover, Trump is going to start Truth Social. Truth Social is worth an
estimated $10 billion (Alexander, 2021). The terms go on to say that if Truth Social
decides to terminate or suspend someone's account, the platform may also sue people;
this is something that Twitter and Facebook's terms don't say (McCluskey, 2021).
Thus, Truth Media seems to be a rivalry with Facebook and Twitter.
The impact of Facebook's outages on the share prices of YouTube and Snapchat
shows how much influence Facebook has had on media. The crash may make people
wonder if they were too dependent on the media. Big tech expert said that people are
digitally addicted (Massie, 2021). As such remark, investors may be disappointed in
media investment, including Facebook, Disney, and Netflix. Although Truth Social is
worth $10 billion, the number of users will not be larger than Meta. Trump and
Zuckerberg are so far apart in age that Trump has little control over the future
direction of Truth Social.

21
 Non-economic Factors

Four major events impacted Meta during the term: first whistleblower, 6-hour
outage, second whistleblower, and name change.
Frances Haugen published internal research and documents on October 4th, said
that Facebook is aware that its platforms are being used to propagate hate, violence,
and disinformation and that the business has attempted to conceal the evidence (Lima,
2021). The information Frances Haugen gave was highly credible because she was
not afraid to reveal her name and title (former Facebook product manager who
worked on civic integrity issues). After she blew the whistle on Facebook, the
network volume on Facebook increased. On the same day, Facebook, Messenger,
Instagram, WhatsApp, and Oculus went down from 11:40 a.m. to 5:30 p.m. (Collins,
2021). After the two events, Facebook's share price dropped 16.78 dollars (-4.89%).
The biggest drop (-5.05%) during the term was on October 22 when the
anonymous person (former member of Facebook's integrity team) said Facebook put
profits before efforts to fight hate speech and misinformation on its platforms. The
news adds weight to the first allegation (Lyons & Lawler, 2021). Meta experienced an
outage and two allegations in a month, which hurt the company very hard. Maybe that
was why Facebook changed its name to Meta on October 29. Investors typically
cheered company name changes, and the honeymoon glow of a name change could
last for as long as a couple of months (Hulbert, 2021). Facebook shares rose 5.43% in
the week following the change, the biggest gain in the term.

Disney has two major businesses that account for revenue: streaming media and
physical tourism. Both of these different businesses were affected by non-economic
factors during the term.
In terms of streaming media, there was a lawsuit problem with Scarlett
Johansson and Disney. In the past, Disney temporarily turned "Black Widow" into a
theater, and Disney+ launched on the same day, which decimated ticket sales. A
movie ticket costs about $7, while Disney + is only $8. This, of course, decimated the
box office, affecting actors' earnings. Fortunately, Disney was able to settle the
22
lawsuit in a mutually agreeable manner during this term, thus saving Disney's
reputation.
In terms of tourism, Disney faces two major problems, both related to the
pandemic. Disney World workers to March against company vaccine mandate on
September 17 (Carter & Pimentel, 2021). I think it was necessary for Disney to
require its employees to be vaccinated; after all, its employees were not wearing
masks during outdoor performances. Disney needed to protect the employees and the
visitors. The matter ended during the term, with Disney lifting the vaccination
requirement for all employees on November 20. It gave people a good impression that
Disney would listen to the complaints of its employees. But investors might argue that
such management could lead to an uncertain opening date. However, the Florida
government has ruled that Disney must follow. The other event that impacted Disney
was in China. Shanghai Disneyland temporarily closed due to the COVID-19 case,
34,000 guests being tested before exiting the park (Lloyd, 2021). It seemed to me that
the Chinese authorities were abusing Disney. The Chinese military and police are
encircling Disney in a combative manner, and that Disney is seen as a rebel. But none
of this has affected share prices too much.

Netflix's main revenue is streaming, so I am focusing on the non-economic

factors of streaming.
South Korean internet provider sued Netflix's Squid Game over the surge in
traffic in September (Subin, 2021a). This was a free advertisement for Netflix. This
meant the Squid Game was too popular.
Since Netflix had the issue of gender discrimination on October 5, its workers
staged a trans solidarity walkout and posed a list of demands on October 20
(Silberling, 2021). Clearly, the discrimination had upset employees and affected
Netflix's reputation. Employees even use the slogan "Hateflix" to speak out about the
evil of Netflix (Nicolaou, 2021). I'm surprised that this issue hasn't caused the share
price to fall, which seemed to indicate that investors were ignoring the issue of
gender.

23
 Conclusions of Financial Management

I think the main reason for the fall in Meta during this term was two non-
economic allegations in September and one micro-economic outage in October.
However, the decline was recovered a bit in November when Facebook changed its
name to Meta Platforms. Changing a name gives investors a renewed sense of energy
and repositioning the company's future values and ambitions. For me, after the two
allegations, I will not invest in Facebook because I do not like such a selfish
company.

Disney has fallen by the most in this term compared to Meta and Netflix. The
main reason was that the number of Disney+ subscribers was not as high as expected.
The second reason was that the business situation of the amusement park was still
controlled by the macro-economic factor: pandemic. Disney shares haven't traded
above their five-day moving average price since the quarterly report was released. It
suggests that short-term investors' expectations for the company are still disappointed
in the company. After the quarterly report was released, I did see a lot of Disney+ ads
on social media, which showed that Disney really wanted to do well in the next
quarter. However, I won't be investing in Disney. I think the main reason Disney will
lose out to Netflix is that Disney has very little adult content, which is targeting
families only. But for me, I'm in the 18-29 age group; I need to wait for a movie like
Squid Game before I invest in Disney.

Netflix is the most profitable of the three companies I've invested in during the
term. This is largely due to Netflix's quarterly report and the success of the series:
Squid Game. As I watched the squid game myself, I liked the product. In addition,
Netflix has won many Emmys Awards, which is also a recognition of content
production. However, Netflix still has to be careful in the content and has to avoid
discrimination issues. I'm still going to invest in Netflix.
24
 Assignment Feedback
I've finally finished this assignment! But what is not finished is the observation
of the market, society, nation, and world.
I was so interested in knowing what was going on with each company that I was
late handing in my assignment. However, I don't regret handing in my homework late.
Because this assignment taught me how to understand a company's financial
statement. Moreover, the portfolio taught me how the internal/external company news
and the environment affect the stock price of a company. This will help me a lot in
my future management position and enable me to learn the advantages and
disadvantages of these three companies.
From the portfolio, I've learned that running a company is all about being honest
with customers. I don't have to wait to be accused by any employee, then apologize to
the public. I also learned the importance of contracts, not waiting for the defendant to
settle the matter, which can damage the company's reputation. I also learned that the
values of a company should be consistent with all products, and there should be no
discriminatory content on products.
What impressed me most about this assignment is that it is not easy to make
money. Even three media companies have big names and market capitalization; they
will still lose the money I invested in. The reason I invested in those three companies
at the beginning was that I used their products in my daily life. But investment does
not depend on personal life but depends on the economic impact.
Last but not least, thanks to this assignment to make me understand economy
and management. The company I choose to work for in the future will not just be
based on the name but should pay more attention to the company's value and history.

25
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