$CHTR is super interesting to me. Not as an actionable idea but in that it just hasn’t worked. I have a general investing heuristic that when a company is trading at a very cheap P/FCF multiple, and they are buying back crazy amounts of stock, and the business isn’t declining, just buy the stock and hold your breath. But when the business is actually declining…things can get really, really ugly, especially when terminal value fears are vindicated. I’ve made the mistake of thinking buyback = thesis and downside protection. It’s not either. It can just shorten the time until you find out whether you were right about the business, and can make being wrong way more expensive.
View on X ↗