[BadBoyBenny]

I think his point was that Netfilx would not be fairly valued unless the answer to all of his questions was yes. Netflix has enough growth priced in that it must have a superior busines model to be a good long term holding. I agree that to have a competitive advantage, it must meet the criteria in his post. Personlly I don't think it is likely that it does, but it just might. This is extremely speculative to me.

Disclaimer -- I make no short term predictions on any stocks. My posts typically reflect mid to long term predictions on a business and its valuation.