I love Netflix. I love their content, their library and their balls. I own the stock. But they have one glaring issue, as analyst Michael Pachter pointed out in this piece.

He also thinks Netflix will be in trouble if it doesn’t start owning its content, rather than leasing it. “Someone else produces content, Netflix buys exclusive rights for a very limited period of time, and then Netflix doesn’t own the content anymore,” Pachter said. “This is not the same as the HBO model. They are nothing like HBO. They have a three-year window to show House of Cards. After that, nothing. They don’t own it; they can’t exploit it further unless they pay more. That’s not ownership of content.”