At family-controlled Unifers, activist Engine Capital is exploiting internal family dissent to force a sale. By nominating the founder's grandson to the board, they publicly highlighted a generational split where younger members desire a lucrative sale over maintaining control of an underperforming asset.
The sale of the Dallas Mavericks by Mark Cuban, whose identity was completely wrapped up in the team, is a key tell for investors in other tightly-controlled sports franchises. It demonstrates that when the price is right, even the most seemingly untouchable, emotionally-attached owners are sellers.
Madison Square Garden Sports, owning both the Knicks and Rangers, trades at an enterprise value of ~$6B. Given the Lakers sold for $10B, the market effectively values the Rangers at or below zero. An activist idea is to split the teams into two separate public companies to unlock this hidden value.
The investment thesis for teams like the Atlanta Braves or MSG Sports (Knicks/Rangers) hinges less on financial analysis and more on their status as "publicly traded collectibles." Their value is driven by scarcity and the ego-driven demand from billionaires who desire the prestige of ownership, making them a unique diversifier.
The market's bear case on Uber centers on the threat from autonomous vehicles (AVs). The contrarian view is that Uber will thrive by becoming the essential hybrid network. AV fleets alone won't be able to satisfy peak demand, forcing them to partner with Uber's existing driver network to provide a complete service.
Despite his reputation as a frugal, shareholder-focused operator, John Malone has a pattern of significantly overcompensating executives at his companies like Warner Bros. Discovery. This practice raises questions about his alignment with common shareholders and contrasts with his public persona of "eating his own cooking."
A 2021 tax law prevents public companies from deducting employee pay over $1M. For a sports team like the Atlanta Braves, players' massive salaries are no longer fully deductible, creating a significant disadvantage against private teams. This change strongly incentivizes tax-averse owner John Malone to sell.
Uber's competitive advantage over Lyft is reinforced by Uber Eats. By offering both ride-sharing and food delivery, it creates a stickier proposition for drivers who can maximize earnings. This flexibility ensures a more robust and reliable supply for Uber, strengthening its overall network effect.
Boyar Research, known for its 3-5 year investment horizon, created the "Forgotten 40" to serve subscribers who want actionable, one-year ideas. This product strategy leverages their deep, long-term research for a different client segment, repackaging conviction ideas into a more accessible, shorter-term format.