I just wrote an article on Facbook stock which described what might happen if the economy goes into a recession in 2016. If you are bullish on the economy, I still think it is worth a read because the economy will decline at some point, even if it isn't in Q3 of 2016 like I have been saying. The most surprising part of the article is that spending on online ads went down 3.4% in 2009. I was surprised to see it decline because of the fast growth it has seen over the past few years. It did better than the 15% decline the overall industry saw which means it grew it's market share which is what it has been doing for many years. My point was that because digital ad spend now has almost triple the market share that it had when we last went into a recession, the decline in digital spend will closely mimic the decline in total ad spend. If total spend declines 15% in 2016, I believe digital spending will decline over 5%. This means although Facebook has secular growth, it's cyclicality will catch up to it this year and its stock will correct. That's why I sold it at $107.