Even as many other analysts depict Netflix as a company riding the wave of the future, Wedbush Securities analyst Michael Pachter continues to warn advisers that the online video rental company is flirting with disaster. Appearing Wednesday on CNBC's Fast Money, Pachter said that Netflix is a worse company today than it was a couple of years ago when it attempted to split its DVD-by-mail enterprise from its online streaming operation and subsequently saw its stock plummet. They have destroyed their DVD business, which is the source of three-quarters of their operating profit. They are chasing windmills overseas, and the content owners are never going to let them make money there, he said. Pachter clearly does not understand investors' fascination with Netflix. Noting that the company has seen a $5-billion rise in its market capitalization since it released its last quarterly report. I don't get how investors think that a one-time tweaking of their spending is worth $5 billion, he said.