Netflix would have been a good buy in 2002, an ok buy in 2007, but a terrible investment in 2012.  In 2015 it&#x27;s second-quarter profit was $26.3 which is down significantly from 2014, but it&#x27;s market cap is 55.6B because if investor insanity.<p>Netflix is at the mercy of content producers who can extract most of the long term value.