In this blog, I have gone on and on about how Fitbit did not have adequate barriers to entry. But that begs the question, what is meant by adequate? The answer is adequate to rationalize the valuation. At valuations of $50, as it was long ago, or even $40, $30 or $20, the answer in my view was not adequate. At $10, however, the answer becomes I don’t know. And below $6, where Fitbit is trading now, the answer is yes. Fitbit has become a value stock. It trades at a P/E well less than the market. For that reason, I can finally reverse myself and say that Fitbit, which I picked on for so long, looks like a good investment as long as you pay less than $6.