Subject: Re: siri,
In re Berkshire's Sirius play, isn't it an arbitrage?

I don't see how it could be considered an arbitrage. Maybe you are thinking back to when Ted was buying the Liberty Sirius tracking stock and it traded at a discount to the underlying SIRI shares. Even then it was not an arbitrage since he was not short SIRI against long LSXMA / K at a discount. He was also long some SIRI at that time, not short.

Now Berkshire is essentially the new controlling shareholder of SIRI. No arbitrage here - this company needs to continue generating cash, paying down debt, and retiring stock for many years for this one to work well. It probably will but it won't be exciting. Kind of like DVA.