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Brecken Capital’s Leonard Brecken Was Right About Netflix $NFLX

This spring Whitney Tilson suffered huge losses in Netflix and covered his shorts when the stock was trading north of $200. Brecken Capital’s Leonard Brecken kept his conviction. In a CNBC interview Leonard Brecken predicted that Netflix would lose 70% of its value within 12 months. He also said Netflix has $1.4 billion in off-balance sheet content obligations (including the deals that are in the pipeline) and Netflix won’t be able to make its money back. He claimed Netflix needs 80% penetration of the U.S. broadband market- which is next to impossible.

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You can watch his interview here.

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