The decline makes some sense. I wrote soon after the IPO that I thought the stock was overvalued, given some of the challenges facing Roku going forward. Ahead of the company's earnings report next week, I still believe that's the case. There are three distinct and significant issues that Roku must deal with. And with ROKU stock still unprofitable and highly valued, even after a ~20% pullback, I still don't think the company's potential problems are priced in.