$LBTYK: can Liberty Global finally spin to win? | Stock Spin-Off Investing's Rich Howe

Rich Howe of Stock Spin-Off Investing makes the bull case for Liberty Global ($LBTYK): cheap on a sum-of-the-parts, an upcoming Ziggo spin to crystallize value, and a hidden ventures portfolio. Andrew pushes back hard on Malone, Fries, and Liberty's long history of value that never quite shows up.Chapters:00:00 Introduction and Liberty Global thesis01:44 Sponsor: AlphaSense earnings season04:49 Rich's bull case for $LBTYK07:46 Andrew on management credibility09:05 Why a spin can unlock value11:57 Buybacks: are they actually working?15:19 Debt structure and the deleveraging path17:14 Operational deterioration risk19:52 Ziggo's subscriber losses24:09 Malone and Fries: the track record27:46 The Liberty Global board problem31:22 The growth investment portfolio32:59 Why Rich haircuts the portfolio36:43 Formula E and venture exposure38:35 The empire-building risk40:55 Virgin Media O2 restructuring42:11 Other spin-off setups worth a look43:40 Ziff Davis sum-of-the-parts46:52 Andrew on distressed SaaS ideas48:22 Lionsgate and media consolidation51:53 Lionsgate as an acquisition targetLinks:Yet Another Value Blog: https://www.yetanothervalueblog.comStock Spin-Off Investing (Rich Howe): https://www.stockspinoffinvesting.comLegal disclaimer: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant: https://thepodcastconsultant.com/