At the same time, the company warned that revenue could be
weak over the next few quarters — in part because Twitter is winding down a number of advertising products that weren't performing.
With the market presently at (normalized) valuations that are associated with poor long - term prospective returns, with short - term conditions overbought and overbullish, and with intermediate - term conditions characterized by an exhaustion syndrome that has historically produced disproportionately
weak returns
over the
next few quarters, I do not believe that we are faced with such an opportunity here.