Another great write-up, Andrew. I remember you being a longtime cable buff, which I am not. So your perspective in this sector is always appreciated. I’ve recently made a significant investment into another “dying” industry: coal. Most, and perhaps all, of your logic applies to this too although the alpha could be two to three times as g…
Another great write-up, Andrew. I remember you being a longtime cable buff, which I am not. So your perspective in this sector is always appreciated. I’ve recently made a significant investment into another “dying” industry: coal. Most, and perhaps all, of your logic applies to this too although the alpha could be two to three times as great if market sentiment has prematurely abandoned the future of coal - particularly outside the USA. Einhorn is to be commended for his early-ish identification and massive investments in this possibility. Pabrai is piling in now too. At the core of their theses is massive share buy-backs. It’s super interesting to ponder the final outcome. Can you apply your bright mind to this next question? What would be the various impacts of a regular, massive buy-back that reduces the float without diminishing free cash flow?
Another great write-up, Andrew. I remember you being a longtime cable buff, which I am not. So your perspective in this sector is always appreciated. I’ve recently made a significant investment into another “dying” industry: coal. Most, and perhaps all, of your logic applies to this too although the alpha could be two to three times as great if market sentiment has prematurely abandoned the future of coal - particularly outside the USA. Einhorn is to be commended for his early-ish identification and massive investments in this possibility. Pabrai is piling in now too. At the core of their theses is massive share buy-backs. It’s super interesting to ponder the final outcome. Can you apply your bright mind to this next question? What would be the various impacts of a regular, massive buy-back that reduces the float without diminishing free cash flow?