Core Insights - Meta has significant AI revenue opportunities, as highlighted in previous analyses, and recent earnings reports for Q2 and Q3 have provided further insights into its financial performance [1] Group 1: Business Performance - The long-term return on a stock is closely tied to the underlying business's performance, with a business earning 6% on capital over 40 years yielding similar returns for investors, while a business earning 18% over 20-30 years can lead to substantial gains even at higher purchase prices [1] - The impact of taxes on investment returns is significant; for instance, a 15% annual return subjected to a 35% tax at the end results in a 13.3% return, whereas paying taxes annually reduces the effective return to 9.75% [1] Group 2: Investment Philosophy - The investment philosophy emphasizes the importance of holding quality companies for extended periods to maximize returns, particularly considering the effects of compounding and taxation [1]