Streaming Services are on a tear. No, I don't mean Netflix. Take a look at Warner Brothers $WBD. Up 46%, like Netflix, in 3 months. Warner Brothers Free Cashflow yield is 16%. Price to Free Cashflow is 6x. What's funny is you have firms like Ariel Investments claim that they buy public markets assets that trade at a discount of 20%+ to private market values. They don't actually do that as far as I can tell (Las Vegas Sphere!?) This, on the other hand, is actually an example of that. Content owners like Warner Brothers - and others - should be able to license and monetize their IP in the Age of AI as well. That's not the underwrite - that's the right tail scenario if management gets a clue. This is also another example of 'mean reversion' at work, and hated non-consensus names working very well in this environment. Yes, we own WBD. $NFLX $WBD