Netflix Inc. shares set a fresh record in early trade Tuesday after stronger-than-expected third-quarter revenue growth, but one investor is not impressed. Hedge-fund manager Doug Kass said he continues to feel “air sick on the valuation,” which he estimates is 100 times 12-month trailing EBITD, or earnings before interest, taxes, and depreciation. He reiterated his stance that investors should sell Netflix NFLX, -1.58% and stay away altogether, and not even short the stock. “There is no free cash flow,” he wrote in his latest bear rant on the company. “Cash is burning and the “great” content is aging and must be added at the rate of at least $1 billion a year starting at a base of $5 billion.”via