Many thanks, BD. Agree, piece is very interesting, insightful and well written. I’ve owned a few Liberty positions (ok returns) and just received the new SIRI shares (very small position).

The upside potential vs. further downside risk seems reasonable imo. PE-7.55, 4.27% yield, & Ted has great insight into this sector and he’s scooping up more shares. Excerpt:

“The company should produce around ~$5.5 of FCF until 2028: $1.5B dividends, $2.5B buybacks, and $1.5 debt repayments; the investment is attractive solely on the premise modest growth and capital returns, and if multiple expansion occurs investors receive a “triple dip” (earnings growth + capital returns + multiple re-rate).”

Btw, we’ve used Sirius/XM (& the App) for decades (& the App in recent years). We really enjoy their various channels which they are always refreshing.

I do lean towards adding to the position and watching it play out, esp. with Street sentiment so one-sided. Please share if you are adding. Thanks again!

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