I spend a lot of time looking at and thinking about the cable / telecom / media sectors, and you can’t spend any time on either of those without thinking about / looking at Comcast (CMCSA) given their ownership of Xfinity (the largest cable company in the U.S.) and NBC (one of the largest media companies in the U.S.).

It’s easy to paint a bullish or bearish picture on Comcast. On the bullish side, they’re probably the best run cable company in the world, and cable is a great business. Their NBC assets, while currently in more than a bit of flux, obviously have significant value, the stock is quite cheap, and Brian Roberts (their CEO / semi-control shareholder) has a track record of value creation. On the bearish side, the Sky acquisition is looking like a disaster (and plenty of people thought it was a disaster from the moment it started getting floated!), almost all of the NBC assets are undergoing some form of extreme secular headwind and/or Corona disruption, and there are more than a few red flags related to corporate governance that I think bulls tend to overlook.

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