Facebook reported better than expected earnings last week, and the stock, which was languishing in the $130-140s for a few months moved sharply up to $170ish.
Last year it earned $7.57/share, and had $41 net cash per share on the B/S. Ex-cash it still trades at a P/E of 20, which is probably low for a company that is still growing topline at more than 30%. It is also building an enormous moat by spending heavily on capex (and buying political cover), which is currently harming margins.
It is my second largest position (10% position). My effective buy price is $159.
Here are bull theses which go a great job of sizing up the opportunity: