Memo #2: Why I don't worry about the market every single minute
Warner Brothers, Zaz, and NZME
Warner Brothers Zaz Math
One of the things I find weirdest about this market is how WarnerBrothersDiscovery (WBD) trades. Here’s how it’s traded over a year:
The weird thing about this is that tariffs have little impact on WBD. They’re not making many DVDs in China anymore. It’s the most bizarre thing. WBD’s future lies in its streaming service — Max (that’s growing really well, with 117 million subscribers, well above analyst estimates in spite of the weird name). Max actually makes money — about +US$1bn in profit.
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