Similarly, I had some WBD (dipped a toe) bought it at 8$ and sold it at 8$ after 3 months. I'd been watching it for a long time, interest piqued by the large Baupost holding on a low price to free cashflow multiple, paying down debt, business turnaround etc.

However, looking at the big picture their business is deteriorating, lots of competition, declining cable subs, lost the sports contract.

I thought why am I bothering when there's better, easier to understand opportunities around.

When a growth story is not there and they are replying on cashflow and a slow decline, that can often turn into a quick decline that snowballs, that's in the too hard pile for me from now on. It often seems to play out that way where super investors pick an investment go in big on a turnaround and the 15 PE turns into a 8 PE and drops another 50%.

Just an observation.

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