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Hey, Anurag,

I've bailed on my GLIBA and LBRDA/K positions in the last couple months, following the run-up over the last 12-14 months or so and given my concerns about peaking economic growth. CHTR is up around 50% from its lows, a striking move given how well followed the stock is, Malone, etc. I suspect that the next 50% won't come quite so quickly.

As for GLIBA, is there anything that's really going to change the massive valuation disconnect except through some kind of transaction that collapses CHTR/LBRD/GLIB? Sure, you've got upside if CHTR keeps performing but the real built-in value is not all that accessible until Malone snaps his fingers. (It's a similar situation at LSXM, except there you have at least some gauge on when things might change, when LSXM owns 90% of SIRI stock and can do a short-form merger). But at GLIB, it could happen any day, I suppose.

Could they still be trying to get VZ to bite here? Rutledge had a huge slug of equity that became valuable in the mid-$500s.

In any case, is it silly to continue holding on? Hardly. CHTR is a great business and it's just getting better as they're attracting more customers who then lock in for years. I'm a CHTR customer and pay a ridiculous $45 a month for 400mb service. They're going to be able to raise prices on me for a long time.

Some two cents

Jim
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