Bought more Meta in the Trading 212 SIPP. Again. I've genuinely lost count of how many Meta buy orders I've placed this year. If there were a loyalty card for Meta shareholders — buy ten, get one free — I'd have filled several by now.
But here's the thing: every time I have capital to deploy and I look across the investment landscape, Meta keeps standing out. Not because I'm looking for reasons to buy more (I'm not — I'm aware the position is already meaningful), but because the investment case keeps getting stronger while the stock, despite a strong run, still doesn't look stretched relative to the earnings power underneath it.
── The Thesis Hasn't Changed ──
3 billion-plus daily active users across Facebook, Instagram, WhatsApp, and Threads. An advertising duopoly with Google that shows no signs of cracking. An AI infrastructure build-out — Llama models, data centres, chips — that's being funded entirely from free cash flow, not debt. A fortress balance sheet with tens of billions in net cash. Operating margins that most software companies would envy. And a management team that has proven, repeatedly, that it can adapt — from desktop to mobile, from news feed to Reels, from organic content to AI-driven recommendations.
The advertising business alone is extraordinary. Meta doesn't sell products — it sells attention, and it's very good at it. Advertisers need to be where people are, and billions of people are on Meta's platforms every single day. That's not changing any time soon. If anything, the fragmentation of traditional media — TV audiences declining, newspapers shrinking, radio audiences aging — is pushing more ad dollars toward digital platforms, and Meta is one of the two biggest beneficiaries alongside Google.
── Why Keep Buying? ──
I ask myself this every time. At what point does the position become big enough that topping it up stops making sense? And the honest answer is: I don't have a precise number. What I do know is that I'd rather own more of a business I understand deeply and believe in strongly than spread my capital thinner across businesses I understand less well. Concentration builds wealth; diversification preserves it. At this stage, with a core of VUAG and VWRP doing the diversification work, I'm comfortable letting Meta be a slightly larger satellite than the others.
That doesn't mean I'm reckless about it. Every Meta buy is sized the same way — small enough that a significant drawdown wouldn't materially damage the overall portfolio, but large enough that the compounding matters over time. It's the same discipline I apply to VUAG, to SBUX, to TTWO, to every position. Conviction doesn't mean betting the farm. It means allocating consistently to your best ideas while keeping the farm safe.
── The Risks Are Real ──
I'm not blind to them. Regulatory risk — the EU, the UK, and the US all have Meta in their crosshairs to varying degrees. Ad market cyclicality — when the economy slows, ad budgets get cut, and Meta's revenue takes a hit. Competition — TikTok is real, and while Reels has been a successful response, the battle for attention is never won permanently. AI spending — Meta is pouring tens of billions into AI infrastructure, and while I believe that spending will generate returns, it's not guaranteed. And concentration risk — the position is meaningful, and if I'm wrong about Meta, it will hurt more than being wrong about a smaller holding.
I weigh these risks every time I hit the buy button. And every time, I conclude that the balance of probabilities favours owning more. The businesses I worry about most are the ones where I can't see where the revenue comes from in ten years. With Meta, I can see it clearly: advertisers will still need attention, and billions of people will still be giving it to Meta's platforms. The AI build-out may or may not deliver extraordinary returns, but the advertising business alone is worth owning at today's price.
So I bought more. It's becoming a habit, and a hard one to break. But honestly? I'm not trying very hard to break it.
As always: this is what I did with my own money. Not a recommendation. All investing carries risk — you can lose money, and past performance doesn't predict future returns. Individual shares carry significantly more risk than diversified funds. US-listed shares carry currency risk for UK investors. Meta carries specific risks including regulatory action, advertising market cyclicality, competitive pressure, and AI investment execution risk. Do your own research.