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Michael Burry·Cassandra Unchained (Michael Burry Substack)·Substack·2026.07.17

Trading Post July 17, 2026 Plus Netflix & What's Up with the VIX

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Netflix

Netflix has fallen over the last year, closing yesterday at $74 after peaking at $134 June of 2025.

Netflix reported earnings after yesterday’s close, and it has traded down dramatically today.

This is against a longer-term backdrop where NFLX stock (Yellow), has been a steady compounder, peaking most recently June 30, 2025 at $134.15.

In the chart below, the long-term yellow logarithmic Netflix daily price chart and its red price-to-sales ratio are set against the gray shares outstanding histogram.

Netflix has been a little tricky in the past due to heavy spending on content and the unusual accounting surrounding it.

Netflix actually has changed amortization of production expense three times.

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Trading Post July 17, 2026 Plus Netflix & What's Up with the VIX — 인텔리뷰 | 인텔리뷰 Inteliview