Netflix is near a bottom, supported by attractive valuation (trading at ~20x earnings with 10-15% EPS growth and pricing power), comparing favorably to high-multiple staples like Walmart, Costco, and P&G. Management has a track record of overcoming short-term slowdowns, and the post-earnings sell-off is creating a capitulation flush that will clean out weak hands, after which the stock can move higher. He is adding to his position on weakness.