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Is Facebook (FB) A Smart Long-Term Buy? – Yahoo Finance

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First Eagle Investment Management, an investment management firm, published its second-quarter 2021 investor letter – a copy of which can be downloaded here. A net return of 4.73% was delivered by the fund for the first half of 2021. The Fund underperformed the MSCI World Index which returned 13.05% for the same period. You can take a look at the fund’s top 5 holdings to have an idea about their top bets for 2021.

In the Q2 2021 investor letter of First Eagle Investment Management, the fund mentioned Facebook, Inc. (NASDAQ: FB) and discussed its stance on the firm. Facebook, Inc. is a Menlo Park, California-based social networking service company with a $1.04 trillion market capitalization. FB delivered a 36.11% return since the beginning of the year, while its 12-month returns are up by 41.09%. The stock closed at $376.53 per share on September 14, 2021.

Here is what First Eagle Investment Management has to say about Facebook, Inc. in its Q2 2021 investor letter:

“Leading contributors in the First Eagle Global Fund this quarter included Facebook, Inc. Class A. Facebook has continued to post impressive results for both revenue and active users of its traditional platforms. In the meantime, the social media giant continues to make progress on new initiatives—like Facebook Horizon (virtual reality) and Facebook Shops (e-commerce)—and maintains attractive monetization optionality around services like Messenger and WhatsApp.”

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Photo by Joshua Hoehne on Unsplash

Based on our calculations, Facebook, Inc. (NASDAQ: FB) ranks 2nd in our list of the 30 Most Popular Stocks Among Hedge Funds. FB was in 266 hedge fund portfolios at the end of the first half of 2021, compared to 257 funds in the previous quarter. Facebook, Inc. (NASDAQ: FB) delivered a 12.45% return in the past 3 months.

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Hedge funds’ reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn’t keep up with the unhedged returns of the market indices. Our research has shown that hedge funds’ small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by 115 percentage points since March 2017 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter.

At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, Federal Reserve has been creating trillions of dollars electronically to keep the interest rates near zero. We believe this will lead to inflation and boost real estate prices. So, we recommended this real estate stock to our monthly premium newsletter subscribers. We go through lists like the 10 best EV stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our homepage.

Disclosure: None. This article is originally published at Insider Monkey.

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Updates to Section 7 of the Developer Policies – Facebook Gaming Policies

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We have updated Section 7 of the Developer Policies effective immediately. No change is required from the developers’ end, only awareness about these changes.

As part of our continuous focus on improving developers’ experience, we have made some updates to the Section 7 of the Developer Policies which covers all Facebook Gaming Products, such as Web Games on Facebook.com, Instant Games and Cloud Games. As part of this update we have removed outdated policies, and streamlined the language and structure of Section 7 to better reflect the existing state of our Facebook Gaming Products. We have also reorganized some policies under the Quality Guidelines. These updates do not introduce any product change, nor do they include any new requirements for developers.

Please review the updated Section 7 to familiarize yourself with the updated content structure.

First seen at developers.facebook.com

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Creating Apps with App Use Cases

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With the goal of making Meta’s app creation process easier for developers to create and customize their apps, we are announcing the rollout of an updated process using App Use Cases instead of the former product-focused process. App Use Cases will enable developers to quickly create apps by selecting the use case that best represents their reason for creating an app.

Currently, the product-focused app creation process requires developers to select an app type and individually request permission to API endpoints. After listening to feedback from developers saying this process was, at times, confusing and difficult to navigate, we’re updating our approach that’s based on App Use Cases. With App Use Cases, user permissions and features will be bundled with each use case so developers can now confidently select the right data access for their needs. This change sets developers up for success to create their app and navigate app review, ensuring they only get the exact data access they need to accomplish their goals.

Starting today Facebook Login will be the first use case to become available to developers. This will be the first of many use cases that will be built into the app creation process that will roll out continually in 2023. For more information please reference our Facebook Login documentation.

First seen at developers.facebook.com

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Understanding Authorization Tokens and Access for the WhatsApp Business Platform

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The WhatsApp Business Platform makes it easy to send WhatsApp messages to your customers and automate replies. Here, we’ll explore authentication using the Cloud API, hosted by Meta.

We’ll start with generating and using a temporary access token and then replace it with a permanent access token. This tutorial assumes you’re building a server-side application and won’t need additional steps to keep your WhatsApp application secrets securely stored.

Managing Access and Authorization Tokens

First, let’s review how to manage authorization tokens and safely access the API.

Prerequisites

Start by making sure you have a developer account on Meta for Developers. You’ll also need WhatsApp installed on a mobile device to send test messages to.

Creating an App

Before you can authenticate, you’ll need an application to authenticate you.

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Once you’re signed in, you see the Meta for Developers App Dashboard. Click Create App to get started.

Next, you’ll need to choose an app type. Choose Business.

After that, enter a display name for your application. If you have a business account to link to your app, select it. If not, don’t worry. The Meta for Developers platform creates a test business account you can use to experiment with the API. When done, click Create App.

Then, you’ll need to add products to your app. Scroll down until you see WhatsApp and click the Set up button:

Finally, choose an existing Meta Business Account or ask the platform to create a new one and click Continue:

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And with that, your app is created and ready to use. You’re automatically directed to the app’s dashboard.

Note that you have a temporary access token. For security reasons, the token expires in less than 24 hours. However, you can use it for now to test accessing the API. Later, we’ll cover how to generate a permanent access token that your server applications can use. Also, note your app’s phone number ID because you’ll need it soon.

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Click the dropdown under the To field, and then click Manage phone number list.

In the popup that appears, enter the phone number of a WhatsApp account to send test messages to.

Then, scroll further down the dashboard page and you’ll see an example curl call that looks similar to this:

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curl -i -X POST https://graph.facebook.com/v13.0//messages -H 'Authorization: Bearer ' -H 'Content-Type: application/json' -d '{ "messaging_product": "whatsapp", "to": "", "type": "template", "template": { "name": "hello_world", "language": { "code": "en_US" } } }'

Note that the Meta for Developers platform inserts your app’s phone number ID and access token instead of the and placeholders shown above. If you have curl installed, paste the command into your terminal and run it. You should receive a “hello world” message in WhatsApp on your test device.

If you’d prefer, you can convert the curl request into an HTTP request in your programming language by simply creating a POST request that sets the Authorization and Content-Type headers as shown above, including the JSON payload in the request body.

Since this post is about authentication, let’s focus on that. Notice that you’ve included your app’s access token in the Authorization header. For any request to the API, you must set the Authorization header to Bearer .

Remember that you must use your token instead of the placeholder. Using bearer tokens will be familiar if you’ve worked with JWT or OAuth2 tokens before. If you’ve never seen one before, a bearer token is essentially a random secret string that you, as the bearer of the token, can present to an API to prove you’re allowed to access it.

Failure to include this header causes the API to return a 401 Unauthorized response code.

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Creating a Permanent Access Token

Knowing that you need to use a bearer token in the Authorization header of an HTTP request is helpful, but it’s not enough. The only access token you’ve seen so far is temporary. Chances are that you want your app to access the API for more than 24 hours, so you need to generate a longer-lasting access token.

Fortunately, the Meta for Developers platform makes this easy. All you need to do is add a System User to your business account to obtain an access token you can use to continue accessing the API. To create a system user, do the following:

  • Go to Business Settings.

  • Select the business account your app is associated with.
  • Below Users, click System Users.
  • Click Add.
  • Name the system user, choose Admin as the user role, and click Create System User.
  • Select the whatsapp_business_messaging permission.
  • Click Generate New Token.
  • Copy and save your token.

Your access token is a random string of letters and numbers. Now, try re-running the earlier request using the token you just created instead of the temporary one:

curl -i -X POST https://graph.facebook.com/v13.0//messages -H 'Authorization: Bearer ' -H 'Content-Type: application/json' -d '{ "messaging_product": "whatsapp", "to": "", "type": "template", "template": { "name": "hello_world", "language": { "code": "en_US" } } }'

Your test device should receive a second hello message sent via the API.

Best Practices for Managing Access Tokens

It’s important to remember that you should never embed an App Access Token in a mobile or desktop application. These tokens are only for use in server-side applications that communicate with the API. Safeguard them the same way you would any other application secrets, like your database credentials, as anyone with your token has access to the API as your business.

If your application runs on a cloud services provider like AWS, Azure, GCP, or others, those platforms have tools to securely store app secrets. Alternatively there are freely-available secret stores like Vault or Conjur. While any of these options may work for you, it’s important to evaluate your options and choose what works best for your setup. At the very least, consider storing access tokens in environment variables and not in a database or a file where they’re easy to find during a data breach.

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Conclusion

In this post, you learned how to create a Meta for Developers app that leverages the WhatsApp Business Platform. You now know how the Cloud API’s bearer access tokens work, how to send an access token using an HTTP authorization header, and what happens if you send an invalid access token. You also understand the importance of keeping your access tokens safe since an access token allows an application to access a business’ WhatsApp messaging capabilities.

Why not try using the Cloud API, hosted by Meta if you’re considering building an app for your business to manage WhatsApp messaging? Now that you know how to obtain and use access tokens, you can use them to access any endpoint in the API.

First seen at developers.facebook.com

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