Good morning, investors. Netflix is down 40% since August last year.
And legendary investor Bill Ackman just bought (again).
Let me explain why ↓
Bill Ackman & Netflix
Bill Ackman lost $400M+ on Netflix in 2022.
Four years later, he’s back. But this isn’t the same Netflix he sold.
Netflix is down roughly 43% from its 2025 high, while its forward P/E has fallen from 40x to around 21x.
And Bill Ackman now believes Netflix has effectively “won the streaming wars.”
So, is Netflix worth buying at these levels?